Now that the Houston Astros are World Series champions, Gallery Furniture owner Jim McIngvale is on the hook for more than $10 million in furniture to customers. Nobody is happier about it than Mattress Mac himself.
McIngvale, who never misses an opportunity to tie a major sporting event into a store promotion, promised in May he would rebate fans who spent more than $3,000 on mattresses and beds if the home team won it all. Last night the Astros defeated the Los Angeles Dodgers 5-1 in Game 7 of the World Series to win the title.
“I’m happy for this great city and for the Astros,” McIngvale said, minutes after the Astros won the World Series title on Wednesday night.
In past promotions, McIngvale has rolled the dice, but this time he decided to protect himself.
“I can say we still made money on everything,” said McIngvale, explaining that he had been drawing business with his promotion.
He said he paid an insurance premium of between 10 and 20 percent of the total value of what he had to pay out. Then McIngvale went to Las VegasIn order to balance his risk out more, he placed some bets in Las Vegas on the Astros. Those bets, he said, totaled more than $1 million on the Astros to win the World Series.
McIngvale isn’t a stranger to making big bets to promote his stores.
In 2014, to promote his 63rd birthday, when the Astros were in the midst of a major rebuilding year, he predicted the putrid Astros wouldn’t win 63 games and offered fans a similar deal if the team failed to reach 63. They won 70. He gave back more than $4 million to his customers. Earlier that year, McIngvale refunded customers about $8 million, after he said the Denver Broncos would beat the Seattle Seahawks in Super Bowl XLVIII. The Seahawks cruised to the title.
McIngvale, who in September, opened his stores to allow residents to escape the flooding wrought by Hurricane Harvey, also gave 98 fans a ticket to Game 6 along with a free chartered airplane ride to the game in Los Angeles.