- Casino magnate Derek Stevens could win $1 million on March Madness
- Stevens has already won outside bets on the opening rounds
A Las Vegas casino magnate will pocket a spectacular $1 million from a $12,500 March Madness bet if Michigan win the tournament.
Derek Stevens, a Detroit native, placed his bet before the NCAA basketball tournament started. Now, he’s just four games away from claiming a massive jackpot. If Michigan win the tournament, Stevens stands to win 80 times his initial bet.
March Madness is the informal name for the NCAA Division I Men’s Basketball Tournament. Played every spring in the US, the single game elimination tournament features 68 college basketball teams from the Division I level of the National Collegiate Athletic Association (NCAA).
First started in 1939, March Madness is now televised throughout the US and internationally. It has become a major tradition in US culture, with millions of Americans filling out brackets and attempting to predict the outcome of all 67 games in the tournament. March Madness is also hugely popular in the betting industry, with millions of bets being placed throughout the month of March.
Michigan’s Shock Rise
Few expected Michigan to perform quite as well as they have this season. On Sunday night, the No. 7 seeded team beat Louisville, a No. 2 seeded team, 73 to 69. They now find themselves in the Sweet 16 and dreaming of a place in the March Madness final.
Who is Derek Stevens?
Late Sunday night Derek Stevens posted a screenshot of his betting ticket (below), from Golden Nugget Las Vegas, on Twitter. Stevens owns The D Las Vegas Hotel and Casino and the Golden Gate Hotel and Casino, both in downtown Las Vegas.
— Derek Stevens (@DerekJStevens) March 19, 2017
March Madness has already been kind to Stevens. He placed $11,000 bets on both of his home-state teams, Michigan and Michigan State, to win their opening games, which they duly did.