Furniture retailer Ashley's Furniture HomeStore lost a very costly bet on Monday. The store's parent company Morris Home Furnishings said that it would cover the costs of customers in Ohio if Ohio State won the College Football Playoff. OSU did win, and now Ashley's has to pay up.

The home furniture store said it would pay for the furniture expenses of around 500 customers in Columbus, Cincinnati, Dayton and Florence, Kentucky after OSU defeated Oregon Monday night, reports the Columbus Dispatch. The refund covers purchases of $1,999 or more, totaling in $1.5 million for the company.

Morris Home Furnishings announced the promotion towards the end of 2014, the Dayton Daily News reported. Customers had to make their purchases by 7 p.m. on Dec. 30.

Rob Klaben, vice president of marketing and advertising at Morris Home Furniture Store, said the promotion was very successful and averted the usual slow down in sales during that time of the year.

"We knew Columbus was going to be a good market because it's the team's home, but Cincinnati and Dayton have been good markets too," Klaben said. 

As part of the promotion, OSU had to win by seven points; they won 42 to 20, according to ABC News.

Although it seemed like the company may lose money, a third party company, wishing to remain anonymous, will put up the money.

"We did work with a third-party company that underwrote the promotion. So we're excited to see a win," Klaben said. "It's not inexpensive to have this kind of promotion."

Customers who apply have from Feb. 1 to April 30 to receive their money back as a rebate or a store gift card worth 110 percent of the purchase's value.

However, one group unhappy with the promotion is OSU. Although the furniture retailer never mentioned the college by name, OSU is upset it was used indirectly in the promotion.

"We consider promotions such as this to be unfair competition, with elements that play off the good will and reputation of the university in lieu of any formal sponsorship or affiliation," the university said in a statement, according to the Columbus Dispatch. "We have contacted the company and demanded that they cease and desist using references to Ohio State, either direct or implied."

Morris Home Furnishings says it has not received any notification from OSU.