Detroit Resident Has A Million Reasons To Cheer For Michigan In The NCAA Tournament
Michigan's surprising Wolverines have overcome a plane crash and long odds to make a run to the Regional semi-finals of the NCAA Tournament.
How long were the odds? 80-1 at the start of the tournament, which could make a Detroit man very rich.
Derek Stevens saw those odds and plopped a $12,500 futures bet on Michigan at the start of the tournament last month, which will be worth over one million dollars if the Wolverines win the whole thing.
Stevens, who lives in the Detroit suburb of Birmingham, is no stranger to Las Vegas and gambling. In fact, if you've ever been to Vegas, you may have stopped by 'The D', a Detroit themed sports bar and casino. Stevens owns it. He also owns the Golden Gate Hotel and Casino.
A Michigan grad, he loves Michigan sports in general and recently told the Detroit Free Press he was also cheering for Michigan State in the tournament. In fact, he bet on MSU in a similar bet in the 2015 tournament.
Stevens could use the influx of cash after an auspicious opening weekend of the NCAA Tournament. Stevens lost over $109,000 gambling on each of the 32 opening games of the tourney.
If he wins the bet, Stevens would collect ten times the highest bet ever paid out by the Golden Nugget Sports Book. The casino cold have rejected the bet, but Tilman Fertitta, the owner, knows Stevens, so he booked it.