$310M worth Jim "Mattress Mack" McIngvale continues to show love for Houston betting $1M on Cougars to win March Madness

American businessman Jim "Mattress Mack" McIngvale has continued to show his love for Houston by betting $1 million on the No. 1-ranked Cougars to win the 2024 NCAA men's basketball tournament.

Citing Caesars Sportsbook, On3 posted a tweet on X (formerly Twitter) and wrote an article that disclosed the details of Mattress Mack's bet. McIngvale bet on Houston at +750 on the money line. He is expected to win $7.5 million if the Cougars win the championship.

McIngvale, whose net worth stands at $310 million (via Marca), is the founder and owner of the Gallery Furniture Retail Chain.

The Houston-based businessman is a well-known sports gambler who has won $75 million in wagers, including a $10 million bet on the Houston Astros to win the 2022 World Series. The payout is the highest in the history of sports betting.

This is not the first time the businessman spent big money on the Cougars to win the Big Dance.

Last year, he bet $3.5 million for Houston to win the NCAA men's basketball championship. At that time, the Cougars were the top seed in the tournament. Mack, however, lost the bet as Houston fell to Miami in the Sweet 16.

This year, the Cougars are again ranked No. 1 in the AP Top 25 as of February 25, ahead of Purdue and Connecticut.

Houston Cougars' Jamal Shead attempts a three-point shot against Baylor

Houston Cougars gain No. 1 seed with wins over two top-15 teams

The Cougars vaulted into the top spot of the latest AP Top 25 rankings after posting big wins against top-15 teams Iowa State and Baylor.

They surpassed former No. 1 seed Connecticut, and according to Sports Reference, it was the first time Houston had held the top seed in the AP poll in consecutive seasons.

Houston coach Kelvin Sampson has instilled a defense-first mindset in his players and so far, it has worked out well. The Cougars have given up an average of 56.2 points per game this season.

During their six-game winning streak, they kept their opponents below 65 points. Only seeded teams Baylor (76 in a game that needed overtime) and Iowa State (65) have scored over 65 points in that stretch.

Big 12 leaders Houston will play at home against Cincinnati on Tuesday, with the tipoff set for 6 pm ET. ESPN2 will broadcast the match on television.