‘Mattress Mack’ Delivers a Big Financial Blow to the Online Sports Betting Industry

The Houston Astros won the World Series on Saturday night. This clinched a $75-million payout for Jim "Mattress Mack" McIngvale. Caesars Sportsbook took the biggest hit with a bet of $3 million on the Astros to win the Series.

The Houston Astros won the World Series on Saturday night. Jim "Mattress Mack" McIngvale made a $75-million bet on the Astros. Caesars Sportsbook took the biggest single hit with a bet of $3 million. It is the largest payout on a single sports bet in legalized sports wagering history.

Mattress Mack made a $10 million bet with Penn Entertainment Inc.’s Barstool Sportsbook. Betfred was dinged for $5 million due to a Mack-related bet. Caesars was also hit with a big bet by Mack. The Phillies lost this weekend and Caeres had to pay $30 million. The company's CEO said that the liability with the Astros is a swing factor in determining whether their online-gaming division will generate positive adjusted earnings during the fourth quarter. It's not something that you look to offset. If Mattress Macinvale doesn't hit, Penn's division might be profitable in Q4.