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Furniture store Super Bowl bet: $7M owed to customers, 'Pigskin Promotion' loss

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A furniture store’s Super Bowl bet left a Texas Gallery Furniture retailer out a full $7M this week after betting on the Denver Broncos to win against the Seattle Seahawks, leaving its owner now owing quite a pretty penny to over 1,000 customers. While the Super Bowl may stand as a pop culture event that marks millions of little gambles between friends on whose favorite football team will win, the store owner may have bit off more than he could chew, as he now owes hundreds of people a full refund for their furniture. The Huffington Post shares this Monday, Feb. 3, 2014, that this bet was being called the “Pigskin Promotion,” but turned out to be a major loss for the company.

The furniture store Super Bowl bet involved retail store owner Jim McIngvale, commonly known by Texas locals as “Mattress Mack.” Gallery Furniture, housed in Houston, bet over $7M that the Denver Broncos would beat the Seahawks in the 2014 Super Bowl. Since this evidently didn’t turn out to be the case, the company now owes over 1,000 customers that recently bought furniture from the store a full refund of their bill.

Despite this massive loss in the “Pigskin Promotion,” McIngvale says that he isn’t too worried about losing the $7M. After all, the guests are happy and there’s always next year.

"The accountant is pulling his hair out this morning, but the customers are happy and that’s what’s most important,” McIngvale said in a statement to a local media source.

According to the press release provided on the furniture store Super Bowl bet, McIngvale allegedly promised his customers who spent over $6,000 at the Gallery Furniture store by this Saturday evening that they would be given a full refund should the Seahawks be able to win the football game. All in all, the reimbursements (to be distributed later this Feb. 2014) will amount to roughly over $7,000 per customer.

“Apparently, this interesting and gambling-loving ‘Mattress Mack’ is known for his extravagant advertising campaigns. The company lost out on a similar promotion earlier this season after the AFC and NFC Championship games. Gallery Furniture handed out a total of $685,000 to 100 customers who correctly predicted the Seahawks and the Broncos would face off in the final game.”

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