Essential Quality's Odds Plunge After 1st McIngvale Bet
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Photo: Anne M. Eberhardt
Jim "Mattress Mack" McIngvale
A portion of Jim "Mattress Mack" McIngvale's massive bet on Essential Quality was placed during the late afternoon April 30, according to Churchill Downs, driving the unbeaten colt to an odds-on price in early wagering for the May 1 Kentucky Derby Presented by Woodford Reserve (G1).
According to the track, $500,000 in win wagers were placed as intended by McIngvale, who plans to bet between $2 million to $4 million on the Derby favorite. His wagers are insurance to cover a promotion his Gallery Furniture stores offer that calls for those buying a mattress valued at $3,000 or higher to receive their purchase for free if the Derby favorite wins.
Prior to the $500,000 wager, Essential Quality hovered around 5-1 odds before plummeting in pari-mutuel betting. Only a fraction of the Kentucky Derby handle is generated on Friday when betting opens.
King: McIngvale to Make $2 Million-$4 Million Derby Wager
In an interview with BloodHorse April 28, McIngvale said his wagers would be placed at Churchill Downs to benefit purses at the Louisville track, and he suggested he might place his bets in increments. He also indicated he might play exactas.
As of 5 p.m. ET Friday, Essential Quality was the 4-5 favorite followed by Rock Your World at 7-1 and Hot Rod Charlie at 9-1.
Current Kentucky Derby odds can be accessed online.