Major Betting Company Loses Huge $5,500,000 On One Bet Just Days After Reopening

By Haider Ali in News On 19th November 2023

After closing for two years, a betting company has just reopened and has already suffered an enormous financial loss.

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The company is called Hard Rock, and it reopened its sports book in Florida after a two-year court battle.

The business ultimately reopened on November 14th, but the issue ultimately reached the Supreme Court.

Then, almost instantly, someone won an incredible $5.5 million on a football game.

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Although it is said that the house always prevails, such a victory must be difficult to accept.

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The victory followed a game between the Cincinnati Bengals and the Houston Texans.

Everything had been evenly matched, and Houston quarterback C.J. Stroud's drive in the last seconds of the game was what won them the victory.

As a result, Houston defeated Cincinnati with a final score of 30-27 to win.

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Hard Rock Digital's senior director of communications, Jon Chapper, verified the massive bet to ESPN.

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He told ESPN: "With such a large and diverse population, nothing is 'low profile'.”

"We see great interest in wagers across our deep betting markets. That said, we're always performing due diligence, especially on large wagers."

In the past, Shahrouz Ebadian, a software executive based in Fort Lauderdale, has made several extremely big bets.

These have featured bets from $10,000 to an incredible $100,000.

He was a little confused by the bets that the gamblers made, but he didn't mind the size of the bets.

Ebadian claimed that he discovered the massive bet had been made while he and his girlfriend were seated at a bar.

He was shocked to learn that the bet was real from a Hard Rock VIP host, but he remained skeptical.

He said: "Why the hell would somebody put a million [dollars] on a 1-8 team? Why would you do that?”

"But the amounts, I think you're going to see that all the time down here. I know there's money in New York, where it's legal, too, but I think South Florida is a different animal."

Despite being a huge profit of $5.5 million, the bet made by Texas furniture entrepreneur Jim McIngvale, sometimes known as "Mattress Mack," is insignificant in comparison.

His winnings from his 2022 wager, which was that the Houston Astros would win the World Series, were an incredible $75 million.

This is thought to be the biggest payout in sports betting that is legal.