Mattress Mack bumps Kentucky Derby bets to $2.3 million

Louisville, Ky.

Jim McIngvale, better known as Mattress Mack, said he finished his Kentucky Derby betting with a total of $2 million wagered to win on favorite Essential Quality.

On Friday, the furniture magnate made an initial $500,000 win bet on the undefeated colt, tipping the odds to as low as 3-5. The odds since have moved back to 5-2. After making additional bets of $400,000 each, McIngvale told Horse Racing Nation at about 6 p.m. Saturday that he had wrapped up his Derby betting. In all, McIngvale said, he bet $2.2 million. He didn't say what the other $200,000 in bets were, but earlier he said he likely would make exacta bets and side bets. (Later, he told a TV reporter that he had bet $2.3 million – all on Essential Quality.)

His $2 million in win bets makes up more than a quarter of the $7.2 million win pool for Essential Quality as of about 6:20 p.m.

You can read more about Mattress Mack here.

"He's a deserving favorite, a great horse," McIngvale said of Essential Quality.

McIngvale added that his biggest Derby score came with California Chrome in 2014, when he picked up $20,000 to $30,000.

The longtime Thoroughbred owner and resident of Houston, Texas, said he was enjoying his picture-perfect day at Churchill Downs.

"It's a great day to be in Louisville, a great event, great for the horse-racing people. Hopefully, we'll have a great Kentucky Derby and a great result."