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Houston business owner bets $5.5M on Kansas to win NCAA championship

Kentucky Derby Horse Racing
Posted at 11:40 AM, Apr 04, 2022

Businessman Jim "Mattress Mack" McIngvale has reportedly bet $5.5 million on Kansas to win the NCAA men's basketball tournament.

According toForbes, McIngvale, who owns furniture stores in Texas, took a helicopter ride to Louisiana, where sports betting is legal and made the wager.

Forbes says McIngvale will collect 10.5 million if Kansas beats North Carolina Monday night.

McIngvale is no stranger to big bets. He lost nearly $10 million after betting on the Bengals to win the Super Bowl.

It's not a total loss for McIngvale, he runs promotions at his furniture stores to offset the costs of losing. If he wins, customers get their purchases for free.