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Although Derek Stevens resides in Las Vegas, Nevada, his loyalty to his hometown remains unwavering.
Michigan graduate bets big on the Wolverines
Before the start of March Madness, Stevens, an alumnus of Michigan, was so confident in the Wolverines that he actively sought out some thrilling experiences.
After persistent efforts, he ultimately managed to persuade Tilman Fertitta, the owner of Golden Nugget Casinos and the Houston Rockets, to agree to a $25,000 wager on the triumph of his alma mater in the NCAA championship.
Fertitta accepted the bet at odds of 40-1, potentially resulting in the highest-ever payout of $1,000,000 for Golden Nugget if Michigan emerges victorious.
, Stevens told the Detroit Free Press that he has always been open to taking risks. He recalled a recent conversation where he expressed his desire to try and win a million dollars. After some deliberation, the other person agreed to join him in this endeavor. Determined and focused, Stevens remained fixated on achieving the ultimate goal.
Throughout the tournament, Stevens avidly supported Michigan on both Twitter and in the sports book as they advanced. With each victory for the Wolverines, his thoughts began to revolve around how he would allocate the money.
He stated, “I am using the funds to construct a new casino in downtown Las Vegas. Currently, I own the Golden Gate Hotel and Casino, as well as the D Las Vegas, which attracts many Detroit residents who come to support the Tigers or Pistons. At present, I am actively involved in developing a third casino.”
Paying an insurance premium
When Michigan advanced to the Final Four, Stevens and Fertitta’s history of amicable bets took a more intense turn. The stakes were high, leaving Stevens with a crucial choice to either hedge or stand firm.
Prior to the championship game, Stevens decided to play it safe by hedging his bet. He placed a money line wager of $330,000 on Villanova at William Hill Sports Book.
To place his bet, he went as far as livestreaming himself walking a box of cash across the street.
Stevens, fondly referring to it as his “insurance premium,” ensured his victory regardless of the outcome. Had Michigan emerged as the winner, he would have earned a handsome $645,000. However, Villanova claimed the trophy, leaving Stevens with a respectable $75,000 and a tweet from Golden Nugget.
Bettering last year’s performance
Stevens has a history of placing substantial bets on Michigan basketball. Back in 2017, he confidently wagered $12,500 on Michigan’s victory even before March Madness commenced. This level of unwavering belief is a common trait among Michigan fans.
Golden Nugget agreed and offered him odds of 80-1, but it was a disappointment when Michigan was eliminated by Oregon in the Sweet Sixteen, leaving little excitement.
Michigan is just one step away from achieving victory, having progressed from the Sweet Sixteen last year to the Championship game this year.
It seems highly likely that Stevens is prepared to place a bet on that. Brace yourself, Golden Nugget, because if history repeats itself, Stevens will be making a visit to your establishment next spring.
The photograph was taken by mivod from Shutterstock.com.
