1hooper
UpInClass Steward
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Post by 1hooper on Apr 26, 2021 18:10:52 GMT -5
By Bill Finley Owner Jim “Mattress Mack” McIngvale is planning to bet at least $2 million to win on Essential Quality (Tapit) in Saturday's GI Kentucky Derby as a hedge to cover the costs of a furniture promotion underway at his Gallery Furniture stores. It is believed that McIngvale's bet will be the largest ever placed on the Derby or any U.S. horse race.
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Post by mattcoll on Apr 26, 2021 18:22:19 GMT -5
The TDN reports that the 2019 Kentucky Derby win pool (the last time the race was run on the first Saturday in May) had $41.8 million bet into it. A $2 million wager would account for approximately five percent of that pool, certainly lowering the odds on the favorite. For example, that year's 4-1 favorite, Improbable, had $6.9 million wagered on him to win.
In case you were thinking of hedging that mattress purchase....
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Post by Badactor on Apr 26, 2021 18:30:10 GMT -5
This is such great news... I've got EQ finishing eighth.
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Post by diablo313 on Apr 26, 2021 18:43:30 GMT -5
This is such great news... I've got EQ finishing eighth. ...not for Mattress Mack ;-)
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Post by quickcall on Apr 26, 2021 19:13:14 GMT -5
My question is, why make it public?
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Post by Badactor on Apr 26, 2021 19:29:30 GMT -5
It's not about the money. Advertising. (dang commercials)
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Post by Badactor on Apr 26, 2021 19:34:18 GMT -5
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ozzy
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Posts: 850
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Post by ozzy on Apr 26, 2021 20:06:11 GMT -5
Hate it but it's all about the publicity for sure. Glad I got my future wager down on EQ long ago now! But I'll definitely play the place and show pools more heavily now as there will likely be some real value to be had on him. I could easily see him paying $5 to place.
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Post by cruzan2002 on Apr 28, 2021 14:52:07 GMT -5
Does he own Essential Quality? I heard rumors that he was the owner of Run Happy. I've met mattress Mac several times before and didn't know he love horse racing.
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ozzy
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Posts: 850
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Post by ozzy on Apr 28, 2021 15:41:58 GMT -5
It's all about publicity. He ran a promo in which if a customer purchased a mattress of $3,000 or more from one of his Gallery Furniture stores it would be free (cash refunded back or 150% store credit) if the KY Derby favorite wins the race. He's hedging his bet and can turn $2 million or whatever into double should the Derby favorite win. But the real reason is folks are writing about it, talking about him, and his stores, so it's all marketing.
Big racing guy, runs under Gallery Racing and yes owned Runhappy.
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1hooper
UpInClass Steward
Posts: 6,743
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Post by 1hooper on Apr 29, 2021 13:50:57 GMT -5
Math question. Do you take it another step and hedge the huge win bet? I have no idea.
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gam
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Post by gam on Apr 29, 2021 15:32:51 GMT -5
Seems to me that if you don’t like EQ, he’s helping you get better odds on whichever horse you do like. Also, what if someone outpunted him late and bet another horse to favoritism? He could lose the hedge bet and still end up with the promotion liability when the new fave wins.
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Post by cruzan2002 on Apr 29, 2021 20:59:16 GMT -5
It's all about publicity. He ran a promo in which if a customer purchased a mattress of $3,000 or more from one of his Gallery Furniture stores it would be free (cash refunded back or 150% store credit) if the KY Derby favorite wins the race. He's hedging his bet and can turn $2 million or whatever into double should the Derby favorite win. But the real reason is folks are writing about it, talking about him, and his stores, so it's all marketing. Big racing guy, runs under Gallery Racing and yes owned Runhappy. Wow, no wonder he's so rich. Man I had no idea
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Post by spiderjohn on Apr 30, 2021 15:20:15 GMT -5
According to the latest odds shift, Mac wasn’t kidding....
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ozzy
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Post by ozzy on Apr 30, 2021 18:29:14 GMT -5
He put down $500,000 early and says more to come.
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spanky
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Post by spanky on Apr 30, 2021 18:45:57 GMT -5
I'm just curious cruzan, how was it you and the Mattress Man hooked up? The Mattress Guy, the Pillow Freak....what's going on here?
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Post by cherokeescot on Apr 30, 2021 22:52:57 GMT -5
Mattress Mack has more money than Spanky’s bookie !
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propro
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Post by propro on Apr 30, 2021 23:39:57 GMT -5
He's making a mistake if he doesn't play place and show as well. If he really puts in that full play and doesn't get by Highly Motivated this time, he's going to be unhappy when he sees the place payout. :-)
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Post by cruzan2002 on May 1, 2021 0:00:08 GMT -5
I'm just curious cruzan, how was it you and the Mattress Man hooked up? The Mattress Guy, the Pillow Freak....what's going on here? I've know him since 1988 when I went to his old location to buy furniture. But after the death of Mrs. Bush we became friends on facebook. As for the pillow guy, no, never met but I almost bought his pillows. Something was just odd about him.
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Post by cruzan2002 on May 1, 2021 0:01:12 GMT -5
Mattress Mack has more money than Spanky’s bookie ! Spankie, are you going to take this? LOL
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Post by cruzan2002 on May 1, 2021 0:02:32 GMT -5
There must be something Mac knows about racing.
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Post by damascus on May 1, 2021 9:39:43 GMT -5
Not to be the tin hat guy but with the way the odds can change after a race has started what if Mattress mack (and or others) decided to announce the big wager on the fave in order to discourage others from betting the favorite and then pulling the large chunk of the wager at the last second. There has to be a sweet spot for the maximum payout on the bet i.e. when is more bet on the horse going to start paying less as the more bet drives the odds down. some math student could probably figure that out. Just wondering
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ozzy
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Post by ozzy on May 4, 2021 22:04:45 GMT -5
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