“If the Bengals win, McIngvale will take $7,707,800. His bet is the second-largest legal Super Bowl wager ever place, according to Caesars, only behind a $4.9 million bet during the Super Bowl in 2002.”
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He could have spent that money in a Texas casino. 
I think he did the analysis of gambling vs insurance and figured it was more cost effective to gamble.
This is to offset his promotion
Yeah, I think I read same article. Kinda a unique way to promote your business. He probably
can’t lose if the promotion , “you get your furniture purchases over $3,000 dollars free free free” ,drives even more purchases. Of course not many small businesse have millions to throw into
promotion. I next looked up his net worth and it’s reportedly in the $300 million dollar range.
By my counting, he has dropped around $10 million on these betting promotions over last
few years…the coogs BB, astros, horse race, and now this one.
"Mattress Mack now has $10 million riding on the Astros to win the World Series this year. "