Mattress Mack out to end losing streak by betting up to $3m on Derby favourite

Racehorse owner and Houston businessman Jim McIngvale – better known as Mattress Mack – bids to end an expensive losing spell with his bets in the Kentucky Derby on Saturday when he plans to stake "between $2.5 million and $3m" on the favourite.

McIngvale, notorious for placing incredibly large wagers, embarked on his losing streak when cashing out on the Tampa Bay Buccaneers' Super Bowl victory last year.

He lost $2.4m when Essential Quality could finish only third in the 2021 Kentucky Derby and an eye-watering $9.5m when the Cincinnati Bengals were beaten by the Los Angeles Rams in February's Super Bowl.

McIngvale initially wagered about $4.5m on the Bengals before adding another $5m bet, the largest in Super Bowl history, putting $16,207,800 on the line through Caesars Sportsbook.

'I'll be betting with both hands'

Owner of the Gallery Furniture retail chain, the 71-year-old is best known in racing as the owner of 2015 US champion sprinter Runhappy, who won the Breeders' Cup Sprint.

"I will be there [at Churchill Downs] and I'll be betting with both hands," he told the Las Vegas Review-Journal. "I'll be betting probably between $2.5m and $3m on the favourite."

The wager will be Mack's latest in a series of multimillion-dollar hedge bets to reduce risk on furniture promotions.

In this case, customers will receive refunds on purchases of $3,000 or more if the favourite wins the Kentucky Derby.

11.57 Churchill Downs: Kentucky Derby card and betting

It is difficult to predict whether Zandon or Epicenter will start favourite, so McIngvale may have to wait until the last-minute before striking his wagers.

"It'll be interesting to see on Saturday afternoon, about two or three hours before the race, where they're at," he said. "If one comes out as the clear-cut favourite, 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 favourite is. I moved it last year, so we'll see."

McIngvale also plans to bet $300,000 to $400,000 on Smile Happy, a son of Runhappy.

Read more:

148th running of Kentucky Derby bids to leave ghosts of last year in the past

Prominent racehorse owner and businessman loses millions in Super Bowl bet

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