A casino owner in Downtown Las Vegas is placing large bets on March Madness.
If Michigan wins this year’s NCAA men’s basketball tournament, Derek Stevens, the owner of The D Las Vegas and Golden Gate Casino, could win over $1 million.
Stevens, who is an alumnus of the University of Michigan, wagered $12,500 on the Wolverines to clinch the National Championship. He actually placed this bet at the Golden Nugget Las Vegas, which is located just up Fremont Street from his two properties.
Long odds on the Wolverines
At the time Stevens placed the bet, Golden Nugget was providing odds of 80-to-1 on a Michigan victory.
Golden Nugget owner Tilman Fertitta reportedly gave personal approval for the wager.
The bet, as indicated on the pay out slip posted on Stevens’ Twitter account, could result in a payout of $1,012,500 if Michigan emerges victorious. Reportedly, this would be the largest payout ever from Golden Nugget’s sports book.
Sports bet goes viral
The tale of Stevens’ gamble has become a viral sensation. News outlets nationwide, such as the Las Vegas Sun, Las Vegas Review-Journal, The Detroit Free Press, and The Denver Post, are covering the bet.
Sweet 16 starts this weekend
After upsetting No. 2 seed Louisville on Sunday, seventh-seeded Michigan has already secured a spot in the Sweet 16. They also registered a victory over Oklahoma State last Friday. Consequently, the Big Ten Conference champions are now the favorites against higher-seeded Oregon in this Thursday’s Sweet 16 match.
Stevens placed a bet of $11,000 on each of the initial 32 games of the tournament. This was done during a live transmission on VSIN.com, where he was accompanied by renowned sportscaster Brent Musburger. Unfortunately, his record stood at 10-19-3, resulting in a loss of $109,000.
Reports say that the odds for Michigan to win the tournament have fallen to 18-to-1 ahead of this weekend’s NCAA tournament action, significantly lower than the 80-1 odds that Stevens secured.
The remaining March Madness field
The Sweet 16 phase starts on Thursday and proceeds into Friday. The Elite Eight round follows, starting on Saturday and lasting through Sunday, culminating in the selection of the Final Four. The Final Four matches will take place in Phoenix, AZ from April 1 to 3. The Championship game is scheduled for April 3.
Stevens will win the bet if Michigan secures just four more victories. Should Michigan triumph over Oregon, they will go on to play against the victorious team from the Kansas Jayhawks and Purdue University Boilermakers match.
Besides Michigan and Oregon, the Sweet 16 also includes the following teams (with their seeding in parentheses):
- Wisconsin (8)
- Florida (4)
- South Carolina (7)
- Baylor (3)
- Kansas (1)
- Purdue (4)
- West Virginia (4)
- Gonzaga (1)
- Xavier (11)
- Arizona (2)
- North Carolina (1)
- Butler (4)
- UCLA (3)
- Kentucky (2)
The games this weekend will take place in New York, NY, Kansas City, MO, Memphis, TN, and San Jose, CA.
The NCAA men’s basketball tournament is an annual single-elimination competition involving 68 Division I college basketball teams from the National Collegiate Athletic Association (NCAA). The tournament culminates each year with the crowning of a National Champion.
The Villanova Wildcats emerged as the champions of the 2016 National Championship last year, clinching the title by defeating the North Carolina Tar Heels with a score of 77-74 in the championship game.
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