Mattress Mack Net Worth

Mattress Mack Net Worth
Full Name James Franklin McIngvale
Net Worth $300 million (as of 2021)
Birth Date February 11, 1951
Birth Place Starkville, Mississippi, United States
Occupation Businessman, Philanthropist
Known For Founder and owner of Gallery Furniture
Education North Harris County College (now Lone Star College)
Spouse Linda McIngvale
Children 2 daughters, 1 son

James Franklin McIngvale, commonly known as Mattress Mack, is an American businessman and philanthropist. He is the owner of Gallery Furniture, a retail chain based in Houston, Texas.

McIngvale has gained a reputation for his generous philanthropic efforts and his large sports bets, including his recent Super Bowl LVI wager. 

As of May 2023, Mattress Mack’s net worth is approximately $300 million. In this article, we will delve into the life and career of Mattress Mack, as well as his net worth.

Early Life and Career

James or Jim McIngvale was born in Starkville, Mississippi, in 1951. He attended Bishop Lynch High School in Dallas, Texas, before studying at the University of North Texas. After college, he worked in the oil industry before starting his own business.

In 1981, McIngvale started Gallery Furniture in Houston, Texas. The store initially sold mattresses, but it expanded to include living room furniture and other home goods. Gallery Furniture became known for its quality products and excellent customer service.

One of McIngvale’s unique approaches to promoting his business was through television commercials. He often appeared in his own commercials, promoting the store’s sales and specials in his own unique style.

He also utilized catchy slogans, such as “Save You Money!” and “Gallery Furniture, Where the Sale Never Ends!”

Philanthropic Efforts and Disaster Relief

In addition to his success as a businessman, McIngvale is known for his philanthropic efforts. He has a long history of donating to charities and disaster relief efforts. He has also used his Gallery Furniture stores as shelters during hurricanes and other natural disasters.

One of the most notable examples of McIngvale’s generosity was during Hurricane Harvey in 2017. He opened his stores to those affected by the hurricane and provided food, shelter, and other resources.

McIngvale estimates that he lost $30 million in furniture inventory during the storm, but he says that helping those in need was more important.

Large Bets and Super Bowl Wagers

Source: CNN

Mattress Mack is known for his large sports bets and unique promotions. However, he has experienced both wins and losses.

In one promotion, he offered free furniture to 100 customers if they correctly predicted the outcome of both the AFC and NFC Championship Games. This promotion cost him $685,000.

In a different Super Bowl promotion, McIngvale offered customers a full refund on furniture purchases over $6,000 if the Seattle Seahawks won the Super Bowl.

In 2014, the Seahawks won, resulting in $7 million in refunds for McIngvale.

After that, McIngvale made a $3.46 million bet on the Tampa Bay Buccaneers to win Super Bowl LVI. The bet was placed with Caesars Sportsbook, which had to adjust its app’s per-wage limits to accommodate McIngvale’s wager.

The Buccaneers won the game, and McIngvale made over $2.75 million.

Betting on the Astros

One of the most significant wins in McIngvale’s betting history was his near $75 million win betting on the Houston As of May 2023. McIngvale placed a $10 million wager on the Astros to win the championship, with Caesars Sportsbook offering him 7-1 odds.

He bet an early $3 million at 10-1 odds during the 2022 MLB season. When the Astros won, McIngvale reportedly made $72.66 million, the most a bettor has ever won. Caesars Sportsbook was on the hook for the payout, which reportedly set a record for the largest mobile wager ever placed.

This win added significantly to McIngvale’s net worth, cementing his reputation as a shrewd and successful sports bettor.

Mattress Mack Net Worth Growth

Year Net Worth (in millions) Contributing Factors
1981 1 million Starting of furniture business
1991 10 million Expansion of furniture business
2001 50 million Opening of larger showrooms and increased advertising
2011 200 million Launching of Gallery Furniture website and online sales
2021 300 million Continued growth of business and successful investments

Mattress Mack Net Worth 2023

As of May 2023, Mattress Mack’s net worth is approximately $300 million. His wealth comes from the success of the Gallery Furniture stores and his various other business ventures.

However, McIngvale has also experienced financial losses in recent years. In 2020, his stores were closed for several weeks due to the COVID-19 pandemic. 

He estimates that he lost $12 million during that time. In addition, he lost $13 million during the Texas power crisis in February 2021, when his stores were forced to close due to power outages.

Frequently Asked Questions (FAQs)

How much did Mattress Mack lose?

Mattress Mack lost $9 million in betting against Georgia in their title game.

How does Mattress Mack have so much money to bet?

Mattress Mack runs promotions at his furniture store to earn extra income that allows him to place large bets on sports games.

What has Mattress Mack done for Houston?

Mattress Mack has used his Gallery Furniture to help those affected by natural disasters.

Having transformed the store into a temporary shelter for victims of floods and hurricanes such as Katrina and Harvey, he also contributed generously to disaster relief efforts throughout these years.

What was the biggest bet on the Cowboys game?

The 71-year-old retail furniture store owner, Mattress Mack, bet $2 million on the Dallas Cowboys to beat the 49ers in the divisional round Sunday at Levi’s Stadium.

He placed the wager at Caesars Sportsbook at Horseshoe Lake Charles in Louisiana, using all cash.

What is the biggest bet payout ever?

Mattress Mack holds the title of biggest payout ever when he pocketed $72 million in winnings after hedging on his store’s promotion, which is thought to be the largest recorded win in legal sports betting history.

Key Takeaway

James Franklin McIngvale, also known as Mattress Mack, has had a successful career as a businessman and philanthropist. He has built a retail empire with Gallery Furniture, and he is known for his generous philanthropic efforts and disaster relief work.