to win WS. Apparently, he's looking to make more large bets. Bookie in NJ looking for permission to accept bet greater than $5M. How much does he stand to lose in his promotion on the Astros winning the WS anyway?
He got $3.5 down in MS. One article has his exposure on the purchases as somewhere around $12-15M...that's a lot of mattresses.
Usually the sponsor of such a promotion will buy an insurance policy to cover the payoff. I would be surprised if MM did not do that.
Word on the street is that the Astros were such a sure thing this year that it was cost-prohibitive...it was apparently easier to do in 2017. As a result, he finds it cheaper to lay the money in the sportsbook...
I think he got the bet at +220, so for every $100 bet he wins $220. 3.5 million wins 7.7 million if my math is correct.
Discussion on VSIN a little bit ago says he has roughly $22M coming back to him if the Astros win it all...he's got a good-sized chunk of change out there in Las Vegas, Mississippi and New Jersey.
Don't forget -- he's hedging risk. If the Astros win, he'll probably owe all of his winnings (or more) in refunds/discounts to his customers.
Well, a majority would go back to the customers...discussion is that he has about $20M in overall liability for the promotion and that he has roughly $12M out in the various bets. A lot of his action is in the -150 range (or worse)...even Game 3 in Washington saw the Astros as a -135ish favorite despite being down 2-0 in the Series. He certainly has some decent chunks of change on the Series at roughly +200 but a lot of what he has placed out there and rolled over has been game pricing...