Furniture mogul ‘Mattress Mack’ sets legal sports betting record with $5 million wager on Cincinnati Bengals

Jim McIngvale, better known as “Mattress Mack,” has made history with a $5 million dollar wager on the Cincinnati Bengals, the single-largest legal sports bet ever. The previous record was set with a $4.9 million bet on the Super Bowl in 2002.

The single moneyline bet was made on the Caesars Sportsbook app in Lousiana, which launched mobile sports gambling on Jan. 28.

Last week, McIngvale, the owner of Gallery Furniture in Houston, drove across the Texas border into Louisiana to make a $4.5 million dollar bet on the Bengals. If the Cincinnati team wins – the businessman will collect $16.2 million.

McIngvale is known for making multi-million dollar bets on big games. But he lost a $3.25 million bet on the Houston Astros to win the World Series last year, as well as his $6 million bet on Alabama to win the college football championship.

Mack told CNBC in an interview that he wagers on sports as an insurance hedge for the sales promotions he runs to draw customers into his Houston furniture stores. The current promotion promises a refund on purchases of more than $3,000 if the Bengals win the Super Bowl.