Mattress Mack bets $3.5M on Astros ...

Discussion in 'Baseball' started by uisge beatha, Oct 1, 2019.

  1. uisge beatha

    uisge beatha 1,000+ Posts

    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?
     
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  2. mb227

    mb227 2,500+ Posts

    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.
     
  3. Phil Elliott

    Phil Elliott 2,500+ Posts

    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.
     
  4. mb227

    mb227 2,500+ Posts

    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...
     
  5. mchammer

    mchammer 5,000+ Posts

    Looking like a smart bet at the moment.
     
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  6. humahuma

    humahuma 250+ Posts

    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.
     
  7. mb227

    mb227 2,500+ Posts

    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.
     
  8. NJlonghorn

    NJlonghorn 1,000+ Posts

    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.
     
  9. mb227

    mb227 2,500+ Posts

    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...
     
  10. FWHORN

    FWHORN 5,000+ Posts

    Why its called gambling, even the sure things sometimes dont come through.
     

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