Texas Mattress Merchant Lost $7 Million On ‘Big Game’ Bet

A Houston, Texas mattress merchant is $7 Million in the "red" after he lost a bet during the Super Bowl last Sunday. The merchant, Jim McIngvale, known as "Mattress Mack, promised to refund all customers who spent over $6,000 in a 10-day promotion if the Denver Broncos lost in the Super Bowl. Well, by now we all the outcome, and with that this businessman is out nearly $7 Million.

McIngvale says that an estimated 1,000 customers took part in the promotion, spending nearly $7,000 each. Like any smart business person, McIngvale said the promotion was a big hit financially, but that the "buzz" he is getting now out weighs the loss in profit.

To those in the the Houston area, this is nothing new. McIngvale has been known for doing outlandish things/promotions to grab the attention of the public.

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