Furniture Store Super Bowl Bet Comes Up a $7 Million Loser (Video)

Tuesday, 04 Feb 2014 08:06 AM

By Alexandra Ward

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A Texas furniture store owner known for his crazy promotions is out $7 million after losing a Super Bowl bet.

Jim "Mattress Mack" McIngvale always runs a "Pigskin Promotion" during football season at Gallery Furniture in Houston. This year's years gimmick? Spend $6,000 or more by 5 p.m. Saturday and win a full refund if the Seattle Seahawks defeated the Denver Broncos in Super Bowl XLVIII.

A pretty daring wager for a guy who just lost $685,000 two weeks ago on a similar bet during the AFC and NFC Championship games.

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Sure enough, the Seahawks dominated the Broncos, 43-8, meaning McIngvale owed more than 1,000 customers a full refund — or a total of $7 million.

What's more, McIngvale didn’t have an insurance policy on the bet so the expense is coming out of his own pocket.

But, surprisingly, he's not upset.

"I feel great," the furniture store owner told Fox Sports. "My objective in this whole exercise is what can we do that delights and thrills our customers. Certainly they were thrilled last night when the Seattle team won the big game."

"It’s all about branding, it’s all about being authentic with our customers," he said. "It’s all about making it fun and exciting for our customers and bringing out millennial customers who are affluent, and that's exactly who the audience was for this promotion. The promotion was a tremendous success, and we delighted lots of customers."

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