How losing $7M in a Super Bowl bet turned out to be a marketing win

02/5/2014 | Reuters

Houston furniture store owner Jim McIngvale, also called Mattress Mack, lost a Super Bowl bet that's going to cost him about $7 million in customer refunds. A promotion at his two Gallery Furniture stores that offered shoppers who spent more than $6,000 their money back if Seattle beat Denver brought out about 1,000 customers who spent an average of $7,000, he said. "The customers who have won this are tweeting about it, they're Facebooking about it, they're talking about it to people at work," he said. "That type of viral media, you can hardly put a price on it."

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