The motto of Las Vegas gamblers is "The house always wins". These days, Caesars Entertainment has a different take on things.
The owner of a furniture store in Houston won a large amount of money on a World Series bet, which is making a difference in the company's profits.
Thomas Reeg, CEO of Caesars Entertainment, said on an investor call that the Astros have a high-profile liability. The fourth quarter will be a factor in whether it's positive or not.
One of the biggest reasons to celebrate the Houston Astros World Series win was due toMattress Mack. McIngvale won $75 million off of the Astros victory after placing up to $10 million in bets.
Mc Ingvale isn't taking the money for himself. Sales promotions are tied to Astros wins.
If the Astros win the World Series, they would double the customers' money. He had to stop the promotion because he sold through the potential $75 million winning. Customers of Gallery Furniture will be rewarded for placing the bet.
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Some of the $75 million will come from other sources. The casino conglomerate is on the hook for $30 million after McIngvale bet $3 million on the Astros winning the World Series. He placed a $1 million bet with WynnBet at the start of the baseball season.
McIngvale bet $2 million with MGM Resorts International, $2 million with Barstool, and $1 million with Unibet.
The CEO of Penn Entertainment, the parent company of Barstool, said on an investor call that his company would be close to breakeven if McIngvale didn't win.
It doesn't appear that the company is losing much sleep despite being on the hook for the biggest piece of the pie.
We can't say anything. The biggest check in sports betting history was written to Mattress Mack, according to the COO of the company. Is it possible that we would do it all again? You're right.
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