Jim “Mattress Mack” McIngvale gave some spring to Iowa’s little guys in'July.
The Texas-based furniture magnate’s two $1 million futures wagers on the Houston Astros to win the World Series through Unibet and Betfred contributed to a sports wagering revenue surge in the Hawkeye State, according to figures released by the Iowa Racing and Gaming Commission on Thursday.
Those two bets contributed to a dramatic upswing in statewide revenue among operators, who combined to produce nearly $11.2 million from $108.6 million wagered. The 10.3% overall hold is the fifth-highest in 36 months of wagering in Iowa and also the fifth time the win rate cracked double digits. Minus those two bets, the state’s win rate drops to 8.9%
McIngvale’s wagers, the likes of which he makes regularly to hedge his Texas stores’ furniture giveaways, helped revenue rise 70.1% compared to June. It offset the 11.3% drop in handle, as the bets also spiked the win rate nearly five full percentage points higher and combined to generate more than $2.1 million in revenue from close to $2.8 million bet.