'Mattress Mack' Built a Furniture Empire and Became a Millionaire
Jim McIngvale, also known as "Mattress Mack," is the founder of Gallery Furniture in Houston. Over the years, he has built up a huge net worth.
Jan. 6 2023, Updated 11:24 a.m. ET
The business of sleep is apparently quite lucrative, just look at how successful Jim McIngvale, aka "Mattress Mack" is. McIngvale, who founded the Gallery Furniture chain in 1981 out of his pickup truck, has grown his home furnishings business steadily along with his net worth. Just how much is Mattress Mack worth today?
Although McIngvale is no longer hustling furniture out of the back of his truck, he's still in the business of making money. Here's a look at Mattress Mack's net worth and the unique hobby he has taken up.
Mattress Mack is a sports gambler now, and he isn't afraid to place large bets.
McIngvale, who is now an avid sports gambler, often bets large amounts on the outcome of sports games and series. Super Bowls and World Series wins have been the subject of some of his most lucrative bets over the years.
In January 2022, McIngvale bet $1.2 million on the number-one ranked Alabama Crimson Tide to defeat the number-three Georgia Bulldogs in the national football championship. His bet was placed on Caesars Sportsbook.
When Alabama lost to Georgia in the championship game, Mattress Mack ended up losing $2.7 million.
Other notable sports bets McIngvale has made include bets on the Houston Astros winning the 2021 World Series. He lost the bet when the Braves won the series. In January 2022, he had bets on the New England Patriots as Super Bowl champions, but the Patriots didn't advance to the title game, which resulted in another loss for McIngvale.
A year later (January 2023), and Mattress Mack is back at it with the gambling. On Jan. 4, McIngvale placed over $3 million in bets on the TCU Horned Frogs. The team is scheduled to play against the Georgia Bulldogs on Jan. 9 during the College Football Playoff National Championship game, Action Network reported. McIngvale reportedly placed $2.13 million on the TCU moneyline, and his other bets were placed at Caesars, DraftKings, and WynnBet.
Overall, Mattress Mack likes to tie his bets into business promotions. In 2017, he refunded $10 million worth of customer purchases due to the Astros' World Series win. McIngvale says that the promotions build excitement among customers and are good for business.
Despite how much he spends on gambling, Mattress Mack's net worth is still impress and is estimated to be around $300 million.
“Mattress Mack” Jim McIngvale
Retail Businessperson
Net worth: $300 million
Known by many as “Mattress Mack,” Jim McIngvale has built somewhat of a furniture empire based out of Houston. Gallery Furniture has three showrooms in the Houston area. McIngvale often makes six-figure and seven-figure bets on sports competitions, particularly related to the Houston Astros. He recently lost $4.7 million over a six-day period in January 2022 due to futures bets on the Patriots for the Super Bowl and a bet for Alabama to win the national college football championship.
Birthdate: Feb. 11, 1951
Spouse: Linda McIngvale
How did Mattress Mack start his business?
Mattress Mack launched his first Gallery Furniture business with only $5,000 in savings. The business grew slowly for a few years. In 1983, some television advertising brought "Mattress Mack" his trademark phrase, "Gallery Furniture saves you money!" Currently, the company has three massive furniture showrooms in the Houston area.
The Gallery Furniture business aims to provide a unique customer experience, with the promise that sales associates won't hassle customers and will allow them to browse peacefully. The North Freeway store location is dubbed "family-friendly" and has an indoor playground, exotic birds, and a Capuchin monkey enclosure. The location offers free snacks as well as a full-service restaurant.
Mattress Mack's showrooms were used as a shelter during several natural disasters.
During several natural disasters, Mattress Mack has opened up his stores to serve as temporary shelters. In August 2017, up to 400 people were welcomed into each of two stores for shelter following Hurricane Harvey's flooding. According to CNBC, McIngvale said, "We all have a responsibility to the well-being of our community."
In February 2021, McIngvale did the same when Texans were dealing with dangerously freezing temperatures, and offered shelter in his stores.
Some other charitable organizations Gallery Furniture supports include Teachers’ Lounge Makeovers, the USO, the Houston Rodeo, the Salvation Army, and Houston’s Mobile Stroke Unit.
