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Houston business owner bets $5.5M on Kansas to win NCAA championship

David J. Phillip/AP

FILE - In this Feb. 17, 2021, file photo, owner Jim McIngvale talks about opening his Gallery Furniture store as a shelter in Houston. The Houston furniture dealer who owns horses is placing a big-money bet on the Kentucky Derby. McIngvale, nicknamed “Mattress Mack,” is wagering at least $2 million on Saturday’s race, which will be the largest in Derby history. He doesn’t have a horse of his own in the race, so he plans to bet on 2-1 morning-line favorite Essential Quality. (AP Photo/David J. Phillip, File)

By: Scripps National

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Businessman Jim "Mattress Mack" McIngvale has reportedly bet $5.5 million on Kansas to win the NCAA men's basketball tournament.

According toForbes, McIngvale, who owns furniture stores in Texas, took a helicopter ride to Louisiana, where sports betting is legal and made the wager.

Forbes says McIngvale will collect 10.5 million if Kansas beats North Carolina Monday night.

McIngvale is no stranger to big bets. He lost nearly $10 million after betting on the Bengals to win the Super Bowl.

It's not a total loss for McIngvale, he runs promotions at his furniture stores to offset the costs of losing. If he wins, customers get their purchases for free.

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Houston business owner bets $5.5M on Kansas to win NCAA championship

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