The Super Bowl is one of the most wagered-on events every year. According to a new report from the American Gaming Association, a record 31.4 million American adults plan to bet on Super Bowl LVI. That's a 35 percent increase from last year, and the amount of money is even more staggering. Bettors will wager a whopping $7.61 billion on the big game, up 78 percent from 2021.
At least several million of that total number will come from Jim "Mattress Mack" McIngvale. Earlier this week, we wrote about the furniture magnate making a $4.5 million bet on the Cincinnati Bengals to win the Super Bowl. That was the largest mobile bet ever—and because gambling is illegal in Texas, McIngvale had to drive to neighboring Louisiana to legally make the bets.
Despite Cincinnati sitting at 4.5-point underdogs to the Los Angeles Rams, it seems McIngvale has even more confidence in Joe Burrow and company to get the job done. He just made a $5 million wager on the Bengals to win. That bet is the single-largest legal sports bet in history, surpassing a $4.9 million bet made on the Super Bowl in 2022.
Jim McIngvale with his wife Linda (Bob Levey/Getty Images for UNICEF)
If Cincinnati wins, McIngvale will take home $16.2 million. Of course, that's before any taxes, but still—not a bad payday at all.
McIngvale has said he makes these massive wagers to hedge against his Gallery Furniture promotions. Should the Bengals win the Super Bowl, his stores will refund any purchase of mattress sets or reclining living room furniture that exceeds $3,000.
Will people buy $9.5 million worth of furniture to cover McIngvale's bets in case the Rams end up winning? We may never see the store receipts, but plenty of people will be mighty comfortable watching this year's Super Bowl.
McIngvale will be hoping the Bengals jump out to an early lead so he can relax a bit, too.
