|
Both bets were placed at +170 odds on the money line (no point
spread), meaning McIngvale would earn more than $16 million, in
addition to getting back the $9.5 million he risked, if
Cincinnati wins.
The latest bet wasn't so much a hunch on the sporting merits of
the Super Bowl teams as it was a shrewd business decision.
After putting his first big wager on the Bengals, McIngvale
announced a promotion at his furniture stores that would give
customers a $3,000 rebate on new purchases if Cincinnati beats
the Los Angeles Rams in the Super Bowl.
However, so many consumers flocked to his stores thanks to the
promotion, McIngvale had to increase his bet on the Bengals.
McIngvale told ESPN on Friday, "Well, I sold through the profit
on the first investment, so I had to make another."
As he did the previous time, McIngvale drove over the Texas
border into Louisiana, where mobile gambling is legal, and he
placed the wager through the Caesars Sportbook app.
Caesars told ESPN that the $5 million bet was the largest it has
ever booked on a Super Bowl, topping a $4.9 million wager on the
St. Louis Rams to beat the New England Patriots in Super Bowl
XXXVI. That bet in February 2002, placed at -900 odds on the
money line, lost when the Patriots won 20-17 for Tom Brady's
first championship.
McIngvale celebrated his 71st birthday on Friday.
--Field Level Media
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |
|
