Jim “Mattress Mack” McIngvale will be heading to Churchill Downs on Saturday, and when he’s there, some history will be made.
The 2022 Kentucky Derby offers a diverse field of potential winners. The favorites, Zandon and Epicenter, have remained in-tact, but McIngvale has a reputation for moving odds.
McIngvale, 71, is a horse owner and a Houston furniture magnate. His $2.4 million bet on Essential Quality in the 2021 Kentucky Derby did not go so well. However, he plans on making up for that loss in a huge way.
“I will be there, and I will be betting with both hands,” Mack said to the Las Vegas Review-Journal. “I’ll be betting probably between $2.5 (million) and $3 million on the favorite.”
The wager would be the most in Kentucky Derby history. McIngvale’s large bets are part of a series of multimillion-dollar hedge bets to reduce risk on furniture promotions. If the favorite wins at the Kentucky Derby, his customers will receive refunds on purchases of $3,000 or more.
Morning-line odds are still close between Zandon and Epicenter, making it unclear who the top favorite will be on Saturday.
“It’ll be interesting to see on Saturday afternoon, about two or three hours before the race, where they’re at,” McIngvale said. “If one comes out as the clear-cut favorite, I’ll bet on him. If not, I might have to bet a little bit on both of them. If they look like they’re going to be very close at the end, I’m sure by a minute or two before post, I can make a big bet and influence who the favorite is. I moved it last year, so we’ll see.”
McIngvale plans on placing a wager between $300,000 to $400,000 on Smile Happy. The horse is the son of Runhappy, the 2015 champion sprinter owned by McIngvale.
McIngvale also won a net $11.2 million in hedge bets on March Madness to snap a losing streak that had him drop more than $25 million since the 2021 Super Bowl.
