McIngvale, who owns Gallery Furniture in Houston, Texas, drove across the border to Louisiana early Friday morning, pulled over at a rest stop and placed the $5 million bet on Caesars Sportsbook's mobile app at +170 odds. McIngvale is running a promotion at his store, offering to refund any purchases of $3,000 or more if the underdog Bengals win Super Bowl LVI. He's using his giant bets to mitigate risk from the giveaway.
Last week, McIngvale placed a $4.5 million money-line bet on the Bengals with Caesars Sportsbook in Louisiana.
"Well, I sold through the profit on the first investment," McIngvale told ESPN on Friday, his 71st birthday. "So I had to make another."
McIngvale now has wagered $9.5 million for a chance to win a net $16.2 million if the Bengals win the Super Bowl on Sunday. Cincinnati is a consensus 4-point underdog to the Rams.
"I figure it's more of a toss-up," McIngvale said. "It could come down to a final field goal, like a lot of these exciting playoff games."
Caesars Sportsbook says the $5 million Bengals bet is the largest single wager the company has taken, eclipsing a $4.9 million bet on the heavily favored St. Louis Rams to beat the New England Patriots in Super Bowl XXXVI.
"Caesar -- at least for the moment -- is a Rams fan," Ken Fuchs, head of Caesars Sportsbook, said in a news release.
Even with McIngvale's $9.5 million on the Bengals, Caesars had attracted slightly more money on the Rams to win the game straight up. As of Friday morning, 74% of the money-line bets were on the Bengals, while 52% of the total amount wagered was on the Rams.
Other seven-figure wagers have begun to show up on the Super Bowl as well. DraftKings on Thursday reported taking a $1 million two-leg parlay on the Bengals money line +170 and under 48.5. The parlay, which was placed at the Casino Queen in Illinois, has a potential net win of $4.15 million.