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Sports Gambling and Business: How One Man Is Using Vegas as an Underwriter

This past Sunday was Super Bowl Sunday and the pinnacle of America’s hottest new past time, sports gambling. The American Gaming Association estimates that Americans wagered $4.3 billion on the big game. One man, Jim McIngvale, won a whopping $2.72 million! At first, this looks like extravagant, rich guy gambling, but there is more going on.

Jim McIngvale, also known as Mattress Mack, is a furniture store owner in Houston Texas, and he bet $3.46 million that the Tampa Bay Buccaneers would cover a 3.5 point spread. To win this bet, he needed Tampa Bay to win or to lose by less than 3.5 points. Since Tampa Bay won, he cashed in a net $2.72 million. But even if he had lost, it was a genius bet.