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Sport March Madness 2018: $1 million Las Vegas payout on the line if Michigan wins it all

15:30  02 april  2018
15:30  02 april  2018 Source:   sportingnews.com

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Moe Wagner© Getty Images Moe Wagner A Las Vegas hotel and casino CEO is one Michigan win away from a $1 million payday.

RELATED: Men’s NCAA Tournament bracket

Before the start of March Madness, Michigan graduate Derek Stevens, CEO of the D Las Vegas Hotel & Casino, convinced Tilman Fertitta, billionaire owner of Golden Nugget Casinos and the Houston Rockets, to accept a $25,000 bet at 40-1 odds on Michigan to win the NCAA championship.

If the Wolverines go all the way, this would represent the biggest loss in Golden Nugget Las Vegas’ history, which has never made a payout larger than $100,000.

Stevens and Fertitta have made friendly bets in the past, but if Michigan wins against Villanova on Monday, it will go down in Las Vegas lore. So the question becomes, "to hedge or not to hedge?"

@FSELV

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Stevens told the Detroit Free Press he already has plans for the money if he's to win the bet.

"I'm re-investing it in building a new casino in downtown Las Vegas,'' he said. "I have the Golden Gate Hotel and Casino and I have the D Las Vegas, which a lot of people from Detroit come to watch Tigers or Pistons. I'm in the process of building a third casino.''

Last year, Stevens put down $12,500 on the Wolverines at the Golden Nugget at 80-to-1 odds before the tournament started.

Related slideshow: Best of 2018 NCAA Tournament (Provided by Photo Services)

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