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Speaker 1: This is the fits In and Whipper with Kate Richie podcast.

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Speaker 2: I love these stories people coming up with thrifty ideas

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Speaker 2: to make a lot of money. So there's this guy

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Speaker 2: over in the States, Jim Mackingveil is his name, but

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Speaker 2: he's known as Jim.

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Speaker 1: The Mattress Mac. And he's not very popular with.

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Speaker 2: The ladies because usually someone gets the nickname the Mattress,

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Speaker 2: but Jim the Mattress Mac. Okay, So he owns three

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Speaker 2: furniture stores over in Houston, and he's pretty big over there.

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Speaker 2: But he came up with an idea for a sales promotion.

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Speaker 2: And you know what these gambling stories that you hear

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Speaker 2: about as well, what he does so he basically hedges

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Speaker 2: his bets.

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Speaker 3: I'm going to give you an example, right, So back

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Speaker 3: in May he had a May Madness promotion where he said,

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Speaker 3: usually all right, I'm going to give We're going to

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Speaker 3: go back to a basketball tournament, right, this is a

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Speaker 3: basketball the NCAA men's basketball tournament. What he dies he

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Speaker 3: waged five point five million dollars on Kansas to win.

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Speaker 3: But what he did he ran a promotion to all

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Speaker 3: his customers and said, if you spend three thousand dollars

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Speaker 3: more on furniture here at my furniture store.

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Speaker 2: If that, if Kansas win, you get your money back.

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Speaker 2: So then the people that are buying the mattress, they

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Speaker 2: go and buy the mattress fort of sub betting because

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Speaker 2: they also barrack for the team in the area, and

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Speaker 2: they also they also.

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Speaker 1: They get their money back. Well, they get their money

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Speaker 1: back with their furniture.

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Speaker 2: For example, one guy bought seven mattresses for a total

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Speaker 2: of thirty eight thousand dollars. The thing is, he got

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Speaker 2: all these text messages because guess what Kansas won, right,

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Speaker 2: So people are going with You've got to pay all

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Speaker 2: these people back.

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Speaker 1: But he hedges his bets with the bet that he's

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Speaker 1: put on Kansas winning. But this is the thing.

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Speaker 2: It became massive because what he was doing, he was

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Speaker 2: putting it out there, this promotion.

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Speaker 1: Everyone go and buy furniture from.

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Speaker 2: Me, because if your team wins, you're going to get

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Speaker 2: your money back, so you're getting free furniture.

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Speaker 1: The thing is when they lose, though.

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Speaker 2: Jim's making even more money because he's selling the furniture

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Speaker 2: and then he's.

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Speaker 1: Hedging his bet with the bet. But he's not getting

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Speaker 1: the money back, so he sort of created a lotto

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Speaker 1: side to the business.

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Speaker 2: It's more of a promotion to buy his furniture right,

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Speaker 2: and he puts the bet on to hedge his bet.

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Speaker 2: So if that if that team wins right, he wins

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Speaker 2: huge on the bet. But then if they lose, he

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Speaker 2: makes all the money from selling the furniture because people

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Speaker 2: don't get the refund on the furniture.

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Speaker 3: So basically he's saying, buy the furniture from me, and

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Speaker 3: there's a fifty to fifty that you'll get your money back.

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Speaker 1: Correct.

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Speaker 2: But then he gets behind the team and he says,

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Speaker 2: come on, we want Kansas to win this. Come on, everybody,

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Speaker 2: get it, behind it, come and get it. And usually

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Speaker 2: he says, I just had a made Madness sale. And

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Speaker 2: usually around this time. You know, in a week I

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Speaker 2: would do two hundred thousand dollars worth of furniture when

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Speaker 2: I do this promotion. He said, this week I did

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Speaker 2: one point four million dollars in selling furniture. Because everyone

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Speaker 2: wants to get on board their team by the furniture

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Speaker 2: and hope that they can get it for free if

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Speaker 2: their team gets he's.

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Speaker 1: Putting a bed on on behalf of everybody that chops

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Speaker 1: at the store. I mean that's the exciting part about it.

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Speaker 1: So everybody's going.

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Speaker 2: Go, Jim, Jim, Jim, have a mattress matt Oh my god,

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Speaker 2: someone's going to do it.

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Speaker 1: Yeah, mattress Man.

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Speaker 2: Sits in Whipper with Kate Ritchie is a Nova podcast

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