Houston businessman loses $7 million in Super Bowl bet

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by KHOU.com staff

KHOU 11 News Houston

Posted on February 3, 2014 at 9:15 PM

HOUSTON – Mattress Mack is a lot lighter in the bank account after a Super Bowl promotion cost him millions of dollars.

Jim “Mattress Mack” McIngvale announced on his website that he lost $7 million in the “Pigskin Promotion” after about a thousand customers won free furniture.

After a coin toss, Mack bet that the Seattle Seahawks would lose the game. If not, Gallery Furniture customers who bought at least $6,000 worth of furniture during the promotion -- before the Super Bowl—would get a refund. As we all know, Seattle won, leaving plenty of happy customers singing “cha-ching!”

But McIngvale is taking it all in stride.

“We’re trying to create customers for life and make the store relevant and fun, and it was a great promotion for everybody and the customers won and that’s what it’s all about,” he said.

The first time McIngvale lost a bet with customers he forked over more than $600,000 in a similar deal.

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