Furniture magnate and noted gambler Jim McIngvale is going to the mattresses over legislation that would legalize mobile sports betting in his home state of Texas.
Ironic coming from the man who makes routine multi-million-dollar wagers. His biggest payout was a wager he made on the Houston Astros winning the 2022 World Series. He put down $10 million in a series of bets and when the Astros won, he walked away with $75 million, a record payout.
Two years ago, McIngvale wrote an opinion piece in the Houston Chronicle about why he supported Texas legalizing sports betting.
“I hopped on a plane, flew to Colorado and placed a bet on the Super Bowl on my smartphone at the airport,” McIngvale wrote. “Why Colorado? Because sports betting is illegal in Texas. “I’d much rather have the tax revenue from my bets directly benefit the people of Texas.” But as sports betting legislation in the Lone Star State looks like it has a chance of getting through the state legislature and onto the ballot for voters, McIngvale has had a change of heart.
He told the Houston Chronicle last week saying he now opposes sports betting.
“My change of heart is that I know myself and I’ve seen the light as far as impulsiveness on me to sports gambling,” McIngvale said. “Because I’ve got to drive to Louisiana, it limits those impulses by a factor of 1,000. So I’m not in favor of sports gambling in Texas.”
McIngvale said having sports betting easily accessible would increase gambling addiction.
“I am the world’s most famous gambler because I am very impulsive,” McIngvale told Gallery Sports Tuesday. “And I feel like other gamblers like me are very impulsive. And if all you have to do is make a bet is pick up the phone … it’s too easy.”
But McIngvale’s stance may be a losing bet. Politicians such as Former Gov. Rick Perry and current Gov. Greg Abbott are in favor of sports betting, saying it will help Texas’ economy. The legislation also has the backing of most of the owners of professional sports team in the state.
