Casino Owner Backs Up His Wolverine Fandom With Big Bets

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Although Derek Stevens resides in Las Vegas, Nevada, his loyalty and affection for his hometown never waver.

Michigan graduate bets big on the Wolverines

Before the start of March Madness, Stevens, an alumni of Michigan, was filled with unwavering belief in the Wolverines. He eagerly sought out opportunities for thrilling involvement.

After some persuasion, he successfully convinced Tilman Fertitta, the proprietor of Golden Nugget Casinos and the Houston Rockets, to place a $25,000 wager on his alma mater’s victory in the NCAA championship.

Fertitta willingly accepted the 40-1 odds bet, potentially leading to the largest payout in Golden Nugget’s history, a whopping $1,000,000, in the event of Michigan’s complete triumph.

, Stevens told the Detroit Free Press that he has always been open to making bold moves. Recalling a conversation with his friend about a month ago, Stevens expressed his desire to go for a million-dollar win. After some discussion, his friend eventually agreed to join him in this venture. Determined and focused, Stevens remains fixated on achieving his goal.

Throughout the tournament, as Michigan advanced, Stevens displayed his support for the team both on Twitter and in the sports book. With each victory the Wolverines achieved, thoughts of how he would utilize the money began to occupy Stevens’ mind.

“He stated that he is utilizing the funds to construct a new casino in downtown Las Vegas. With ownership of both the Golden Gate Hotel and Casino, as well as the D Las Vegas – a popular destination for Detroit sports enthusiasts attending Tigers or Pistons games – he is now embarking on the development of a third casino.”

Paying an insurance premium

When Michigan reached the Final Four, Stevens and Fertitta’s friendly betting history took a more intense turn. With a considerable amount of money at stake, Stevens found himself facing a crucial decision on whether or not to hedge.

Prior to the championship game, Stevens made a calculated decision to minimize risk by placing a bet of $330,000 on Villanova’s money line at William Hill Sports Book.

He went as far as livestreaming himself walking a box of cash across the street in order to make his bet.

Stevens referred to it as the “insurance premium”, ensuring his victory regardless of the outcome. If Michigan had emerged as the winner, Stevens would have gained a substantial $645,000. However, Villanova triumphed and Stevens walked away with a respectable $75,000 and a tweet from Golden Nugget.

Bettering last year’s performance

Stevens isn’t a stranger to making significant wagers on Michigan basketball. Back in 2017, he placed a bet of $12,500 on Michigan to emerge as the ultimate victors even before March Madness commenced. This unwavering belief is a common trait among Michigan fans.

Golden Nugget agreed to the bet and offered him odds of 80-1. However, Michigan’s journey in the Sweet Sixteen last year was short-lived as they were defeated by Oregon.

Michigan has come a long way since their Sweet Sixteen appearance last year, and now they have their sights set on winning the Championship game.

It appears likely that Stevens is prepared to wager on that outcome. Golden Nugget, brace yourselves, because if history is any indication, Stevens will be seeking you out in the upcoming spring.

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