Derek Stevens, who owns The D and Golden Gate casinos in downtown Las Vegas, has a March Madness bet in place that could potentially earn him $1 million!
Stevens has 40-1 wager on Michigan Wolverines basketball team
The owner of a Nevada casino placed a $25,000 bet on the University of Michigan to win the NCAA basketball tournament at odds of 40-1. This bet was made at the Golden Nugget sportsbook on March 3, before the Wolverines clinched the Big 10 basketball tournament and prior to the selection of the March Madness brackets.
Thanks to @GoldenNuggetLV and my friend @TilmanJFertitta for their support. We’re #OneStepCloser with @umichbball. Looking forward to lots of fun in Downtown #LasVegas during #MarchMadness @theDlasvegas @GoldenGateVegas @FSELV #DTLV #40-1 pic.twitter.com/QbUUEN3KeJ
This was posted by Derek Stevens on Twitter on March 18, 2018.
Stevens is throwing a Final Four viewing party at The Longbar inside The D to celebrate this bet. The man who made the million-dollar wager will be at the bar on the casino floor, cheering for his favorite team, the Michigan Wolverines. It’s a rare opportunity to watch a basketball game alongside a casino operator.
Stevens is no stranger to big wagers
Derek Stevens has a history of making substantial sports bets, such as his $25,000 wager on the University of Michigan. It would appear he is constantly seeking a significant win from the NCAA basketball tournament. This is not his first large bet, as he placed a $20,000 bet on Michigan State University in 2015. Regrettably, his dream of a million-dollar victory was shattered when the Spartans were defeated by Duke.
He placed a bet on the University of Michigan in 2017. The wager, a hefty $12,500, came with steep odds of 80-1. Unfortunately, it turned out to be a losing bet as the University of Michigan was defeated by the University of Oregon in the Sweet 16 round of the NCAA basketball tournament.
Besides making large bets on teams from his home state, he also placed wagers of $11,000 on each first-round game of this year’s NCAA basketball tournament.
For the second consecutive year, Stevens made a live appearance on the Vegas Stats & Information Network (VSiN) with Brent Musburger, while South Point bookmakers set live point spreads as the brackets were announced. The Las Vegas Sun reported that he made a profit of $16,000 from the first round bets.
Should Stevens hedge his bet?
Earlier this week, Stevens inquired from his Twitter followers about whether he should hedge his bet to ensure a certain profit. However, he has remained silent on whether he chose to hedge. When contacted for a comment, the hotel’s PR team did not reply. Gill Alexander from VSiN provided some advice on the matter.
In the Numbers Game, envision being two games shy of a $1 Million prize – would you take a safe bet or risk it all? This is the exact scenario for @DerekJStevens, a friend of @VSiNLive and owner of @theDlasvegas. @beatingthebook has some advice to give… pic.twitter.com/ah4ReiLUsV
This was posted by VSiN on their official Twitter account, @VSiNLive, on March 26, 2018.
The initial weekend of March Madness garners much attention and attracts a bigger audience in Las Vegas compared to the Final Four. The possibility of witnessing a million-dollar payout brings an added excitement to downtown Las Vegas during the NCAA basketball tournament’s semi-final.
