Downtown Vegas casino owner eyes potential $1M payday in NCAA to - FOX5 Vegas - KVVU

Downtown Vegas casino owner eyes potential $1M payday in NCAA tourney

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Derek Stevens' betting slip shows his $12,500 futures bet on Michigan for the NCAA tournament could net him $1 million. (Source: The D Las Vegas) Derek Stevens' betting slip shows his $12,500 futures bet on Michigan for the NCAA tournament could net him $1 million. (Source: The D Las Vegas)
LAS VEGAS (FOX5) -

He's at it again. 

Downtown Las Vegas casino owner Derek Stevens is no stranger to banking a potential seven-figure payday on March Madness. In 2015, he placed a $20,000 futures bet on a home state team, the Michigan State Spartans, to win the NCAA men's basketball tournament that year. Had the Spartans won it all, he would have seen his 50-to-1 bet net him $1 million.

This year, Stevens, who placed $11,000 wagers on each of 32 matchups to open the tournament, placed a $12,500 bet on another home state team to win it all, the 7-seed Michigan Wolverines. In contrast to the Michigan State bet, he actually matriculated in Ann Arbor, MI.

The Wolverines, who defied the odds and a scary airplane incident before their B1G conference tourney championship run, beat Oklahoma State and upset No. 2 seed Louisville to qualify for the Sweet Sixteen this weekend.

Stevens, who placed the bet Sunday at the Golden Nugget, stands to earn $1 million if his 80-to-1 bet hits.

Stevens is a co-owner of the D Las Vegas and Golden Gate hotel-casinos on Fremont Street.

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