Check out Mattress Net Worth, Early Life, Career, Success and More.
Mattress Mack Net Worth
|Net Worth:||$300 Million|
|Date of Birth:||Feb 11, 1951 (71 years old)|
|Nationality:||United States of America|
Jim McIngvale, also known as Mattress Mack, is a $300 million-dollar-worth American businessman. He is best known as the owner and operator of the Gallery Furniture chain based in Houston.
Jim McIngvale Become Mattress Mack
Jim McIngvale was born in February 1951 in Starkville, Mississippi.
Jim founded Gallery Furniture in 1981 from the back of his pickup truck with $5,000 in life savings. Business grew slowly but steadily in those early months and years, but when the oil industry crashed, so did nearly every retail business in Texas.
Jim invested his final $10,000 in a series of local television commercial spots in 1983. During one of those commercials, he became frustrated while the cameras were rolling and proceeded to pull money from his pockets while proclaiming, “Gallery Furniture saves you money!” The line was well received by the audience and would eventually become his catchphrase.
Initially focused on low-end, low-cost furniture, the company gradually expanded into higher-end lines.
Today, Gallery Furniture is one of the country’s most successful independent furniture retailers. Its stores have achieved the highest level of sales-per-square-foot of any store in the United States at various times.
According to 2005 reports, the company generates $200 million in revenue per year. An updated report from 2015 estimated annual revenue to be around $150 million.
Jim allowed his stores to be used as shelters for people during Hurricane Harvey’s devastation in August 2017.
When Tropical Storm Imelda flooded much of Houston in 2019, he once again allowed Gallery Furniture locations to be used as shelters and locations for free meal services.
During the Texas Power Crisis and Hurricane Ida in 2021, Jim opened his stores to serve as shelters, sources of meals, and other emergency amenities not only in Texas, but also in Louisiana.
Sports and Bet
In 2014, the company ran a Super Bowl XLVIII promotion in which it offered a refund on any purchase over $6,000 if the Seattle Seahawks won. When the Seahawks won, Mattress Mack refunded an estimated $7 million in furniture purchases.
Jim is a huge Houston Astros fan who is known for placing large bets on the team. He refunded $10 million in customer purchases when the Astros won the World Series in 2017.
Jim announced a promotion at the start of the 2019 season that would refund any mattress-set purchased for up to $3000 that season. When the Astros won the World Series, this turned out to be a $20 million liability. Jim began betting on the Astros to win the series in order to hedge his potential losses. Jim had wagered $13 million in a series of bets by October 29, 2019, the night of game 6. The Astros eventually lost the series, which cost Jim $13 million.
Mattress Mack bet $3.45 million on the Astros to win the 2021 World Series, as we mentioned earlier in the article, ahead of the Astros’ game against the Braves. If the Astros win, the payout will generate a $35.6 million profit. At the same time, Mack estimated that his store refund promotion would cost him slightly more than $20 million, making it a true win-win-win situation if the Astros win. Several sportsbooks offered to cash out his bets before the World Series began, but at a lower value. Mack turned down every offer.
2022 Super Bowl Bet
Mattress Mack bet $4.5 million on the Cincinnati Bengals to defeat the Los Angeles Rams in Super Bowl LVI in early February 2022. He placed the wager via the Caesars Sports Book app, and it was the largest mobile wager ever placed at the time. Because of the app’s per-wage limits, he had to load the bet in $20,000 increments.
If the Bengals won, he would have earned $7.7 million at the time he placed the wager. Furthermore, anyone who purchased $3,000 in mattress sets or living room furniture would be eligible for a refund.
Mattress Mack increased his bet to $5 million on the Bengals on February 11. This is the largest single legal sports wager in history. If the Bengals win both bets, he will earn $16.2 million.
Latest Bet on Sports
Mattress Mack Bets Big on Houston Astros Winning World Series.
Jim “Mattress Mack” McIngvale has returned to the Astros, this time betting $2 million on the team to win the World Series in 2022.
Mattress Mack is back, this time betting $2 million on his hometown Astros to win the World Series.
If the Astros win the World Series, the bet will pay out $10.6 million.
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