Mattress Mack is officially on a cold streak.
Houston, Texas retail magnate Jim "Mattress Mack" McIngvale, increased his initial Kentucky Derby bet on Essential Quality from $500,000 to $2.4 by the time the colt entered the starting gate.
He wouldn't get any of it back.
The odds-on favorite who closed at 5-2, Essential Quality took fourth place in the 147th Run for the Roses, leaving McIngvale with another massive loss as famed trainer Bob Baffert picked up a record-breaking seventh Derby victory with Medina Spirit.
Mattress Mack previously wagered $1 million on the Houston Cougars to win the NCAA tournament at 9-1 odds. His hometown university failed to defeat the eventual-champion Baylor Bears in the Final Four.
McIngvale's last big win came during Super Bowl 55 when he turned a $3.46 million bet on the Tampa Bay Buccaneers into a $2.75 million profit. The mattress salesman typically turns his bets into store promotions, helping cover any losses.
Adam Levitan @adamlevitan
Mattress Mack a nosebleed stakes marketer. 1. Run promotion at his store. In this case, spend $3K+ & get your money back if Bucs win. 2. Make massive "bet" & make it VERY public, generating ton of free publicity for store. 3. In reality it's a mere hedge. 4. Print & repeat. https://t.co/iMKI314T2u
With the NBA and NHL postseasons about to begin, there's plenty of time for him to get back on track and cashing out major paydays once again.