This is a cool story. He’s actually hedging a huge promotion he had with his customers by betting on the Astros. If the Astros win the series, he stands to lose $15 million on refunds. If he can place $5 million on the Astros at 3-1,he breaks even if they win and only loses $5 million if they lose the series.
However, he’s screwed up the odds on the Astros by betting so heavily. Now he may have to bet close to $10 million to completely cover his $15 million exposure on the refunds. In my opinion, he should stop now. If the Astro’s win, he loses 7.3 Million instead of $15 million. If the Astros lose, then he’s only out just $3.5 million.
I think he’s a big fan of the Astros, so he’ll probably place all the bets he can even if he’s getting less than 2-1.
I lived down there for 15 years. Mack isn’t happy if his name isn’t in the papers or on TV. He does all his store’s TV ads, and there are a lot of them (I can clearly hear his tagline – Save! You! Money!!! – mentally now). He’s learned by now that his store will be cleaned out if the Astros win so of course he’s covering his bet (and getting more publicity than he does for the promotion)
Also happens to be a great guy with a strong faith and a great family who makes significant contributions to the community in a lot of different ways.
Don’t disagree with that, but that’s not what this is.
Some VIP Vegas management type is digging a hole in the desert for his Sports Booking manager…