Mattress Mack loses $2 million in Houston: 'Sometimes it works'

Patrick Everson

FOX Sports Betting Analyst

Coaches cannot game plan for injuries. The same goes for sports bettors.

Jim “Mattress Mack” McIngvale discovered on Friday night that $2 million in bets were lost on the March Madness Championship odds market.

Jamal Shehead, a standout guard for top-seeded Houston, injured his ankle late in the first half against Duke University and did not return.

“It's like losing the MVP quarterback and the best defensive player at the same time,” McIngvale said.

Duke narrowly defeated Houston 54-51. McIngvale took a few minutes Saturday to reflect on what happened to the healthy Shihed.

all day long

Even with Shihed out, Houston's defense withstood the challenge against No. 4 seed Duke. Shead was ejected with 6:38 left in the first half, giving the Cougars a 16-10 lead.

The Blue Devils fought back with a 13-6 run to end the first half with a 23-22 lead. But even without its star players, Houston never trailed by more than six points in the second half. The Cougars then had a chance to tie the game on their final possession, but missed a 3-pointer.

“If someone had told me before the game that Duke would only score 54 points, I would have bet on Houston all day, but sometimes that happens,” McInvale said.

Can't lose situation

Back in February, McIngvale bet $1 million on Houston +750 to win the national title at Caesars Sports. If the Cougars won, he would have earned $7.5 million, bringing his total payout to $8.5 million.

As a side note, that bet was supposed to pay out $7.5 million, making Houston a huge liability for Caesars Sports.

Then, ahead of the first round of the NCAA Tournament, McIngvale posted another million-dollar play at +750, this time on DraftKings. That means he could make $15 million if Houston goes all out.

The Cougars got through the first two games with a heartbreaking 100-95 overtime victory over Texas A&M in the second round. But losing Shihed against Duke proved too much to overcome.

“Obviously he's the heart and soul of the team. That was a big issue,” McIngvale said. “You can beat the best defensive player in the country and there are no consequences.”

But the results of Mattress Mack's two big bets ended up being even. As usual, McIngvale was betting on a bedding promotion at a Houston furniture store. If Houston wins, customers who participated in the promotion will receive up to $4,000 of their purchase back.

So, although Mr. McIngvale lost $2 million, his business kept all the money he had spent buying mattresses over the previous two months. If you can afford it, it's not a bad bet as a hedge.

Patrick Everson is a sports betting analyst at FOX Sports and a senior reporter at VegasInsider.com. He is a prominent journalist in the national sports betting field. He is based in Las Vegas and enjoys playing golf in 110 degree heat. Follow him on Twitter:@Patrick E_Vegas.

to follow Customize your FOX Sports experience by following your favorites