Mogul Places Largest Ever Legal Sports Bet on Super Bowl
Ahead of the 2022 Super Bowl comes the story as the biggest ever legal sports bet was placed on the Cincinnati Bengals to win the trophy.
The bet was placed by Jim McIngvale, known for his work in the furniture industry due to Gallery Furniture in Houston, and amounts to $5 million, surpassing the previous record of a $4.9 million bet dollars on the 2002 Super Bowl, CNBC reported.
The one-off bet was made on the Caesars Sportsbook app in Louisiana and came less than a month after the app launched on January 28.
Mattress Mack, as she is affectionately known, could now make $16.2 million if the Bengals eliminate the Los Angeles Rams.
To make the bet, McIngvale drove from Texas to Louisiana and bet his money on the Ohio team last week. It wasn’t the first time he’d put big money on a game either.
When the Houston Astros lost the World Series last year, he lost a $3.25 million bet. He also lost a $6 million bet placed on Alabama to win the college football championship.
The betting isn’t just for fun, as McIngvale told CNBC he makes the bets as insurance cover for the sales promotions he runs to attract new customers. For example, the current promotion promises a refund on purchases over $3,000 if the Bengals win the Super Bowl.