Furniture co. refunds $7M after betting on Broncos in promotion

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The good news for Jim McIngvale is that he's getting a lot of publicity today. The bad news for Jim McIngvale is that the pub is costing him $7 million worth of business after he guaranteed refunds to customers if the Seahawks won.

McIngvale is the CEO of Gallery Furniture, based out of Houston, and promised that he would refund any purchases of $6,000 or more if the Seahawks won Super Bowl XLVIII.

The company's flipped a coin leading up to the game to decide if they'd root for Seattle or the Broncos. And now McIngavle is getting blown out worse than Peyton Manning, having to refund $7 million worth of furniture to customers. 

But he sounds totally fine with it.

"Doing a promotion like this creates affinity, creates trust with the customer, makes you relevant," said McIngvale. "We already have people sending us videos of them jumping up and down celebrating, so I have no doubt that what we will lose is already worth it to our business."

McIngvale didn't take any insurance out on the promotion, so he's taking an absolute bath on this one. At least he's enjoying it. 

CBS Sports Senior Writer

Will Brinson joined CBS Sports in 2010 and enters his seventh season covering the NFL for CBS. He previously wrote for FanHouse along with myriad other Internet sites. A North Carolina native who lives... Full Bio

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