NJ Sportsbooks off the Hook With Nationals’ World Series Win
You’ve probably heard about the Texas mattress store owner who placed millions of dollars on the Astros to win the World Series. Several million of that was reported to have been bet with New Jersey sportsbooks, including FanDuel, by Jim McIngvale, says the Asbury Park Press.
McIngvale has been spotted at Teterboro Airport as well as at the Meadowlands. Keep in mind that New Jersey gaming laws require the bettor to physically in New Jersey to place a wager. Those bets, combined with the ones he placed in Las Vegas and Mississippi, total between $12-14 million (McIngvale isn’t sure how much he money he actually wagered over the multiple bets he placed).
McIngvale was offering refunds to his mattress customers of up to $3,000 if the Astros won the World Series. The bets were a hedge against that payout. He offered the same promotion two years ago when the Astros did the Fall Classic; he says that offer cost him $13 million.
It is estimated he would have won about $19 million if the Astros had pulled it off. In case you are unaware, the Washington Nationals defeated the Astros 4 games to 3; at one point in Game 7, the Astros were up 2-0, meaning McIngvale had something like a $14 million dollar swing in his finances in just a couple of hours. Easy come, easy go, I guess.