Home Entertainment company Caesars Entertainment Corporation (NASDAQ: CZR), (DKNG) – Mattress Mack Bets Big on Houston Astros: Here’s Which Company Could Lose, Why He’s Placing Big Bets

Caesars Entertainment Corporation (NASDAQ: CZR), (DKNG) – Mattress Mack Bets Big on Houston Astros: Here’s Which Company Could Lose, Why He’s Placing Big Bets

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Houston Astros super fan Mattress Mack is back with aggressive bets on the 2021 World Series. Here’s how much he’s bet and why he’s betting such a big amount.

What happened: In June, Jim “Mack Mattress” McIngvale placed a $ 2 million bet on the Houston Astros to win this year’s World Series.

The Astros-won MLB Championship would pay McIngvale $ 22 million for the win and mark the biggest American sportsbook win in history.

McIngvale placed the bet with William Hill, the company which was acquired by Caesars Entertainment Inc (NASDAQ: CZR).

The bet with William Hill wasn’t the only one placed on the Astros winning the World Series. McIngvale has other bets put and a total payout of $ 35.6 million if the Astros win the World Series.

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Why this is important: Mattress Mack has made headlines over the years for his big bets on the Astros.

“Obviously the Astros would be the worst case scenario,” Caesars vice president Craig Mucklow told Action Network. “It’s an exciting bet to take, but it would be nice if they were knocked out early.”

McIngvale places bets on the Astros as a cover against a promotion he is running in his Gallery Furniture. The “Astros Win” promotion gives customers who spend more than $ 3,000 on mattresses their money if the Astros win the World Series.

McIngvale has lost millions on bets for the Astros winning the 2019 World Series.

A World Series victory for the Astros could cost Mattress Mack $ 20 million in customer payouts, which is one of the reasons he’s placing the big bets to cover his own promotion.

FanDuel, a unit of Flutter Entertainment (OTC: PDYPY), turned out to be a big winner for the Washington Nationals winning the World Series, as it took McIngvale big bets. The sports betting company said the 2019 World Series was its biggest singular event victory in its 16-month history at the time.

“The Astros had a 55-45 spread in terms of the number of bets, but when it comes to money, it was 85-90% in favor of Houston,” John Sheeran, chief risk officer and chief risk officer, told Benzinga. of FanDuel’s trade.

And after: Mattress Mack pitched the first pitch before the ALDS opener, which saw the Astros defeat the Chicago White Sox.

DraftKings Inc (NASDAQ: DKNG) shows betting odds of -285 for the Astros to win the ALDS and +240 for the White Sox to come back and win the series.

The World Series-winning Astros are offered at +400 odds on DraftKings, the Los Angeles Dodgers’ second favorite at +245.

Photo: Elsapo, via Wikimedia Commons

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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