Michigan Alum’s Michigan State Bet Could Pay $1-Million

Michigan State bet - NCAA Tournament

It’s not often that a University of Michigan alum would put his faith in Michigan State athletics, but that’s exactly what Derek Stevens did—along with $20,000, which he placed on the Spartans to win the NCAA Tournament at 50-to-1 odds.

Stevens, who attended Michigan and now owns The D and Golden Gate hotels in downtown Las Vegas, says he stops by the sportsbook at the Golden Nugget Hotel & Casino to place a bet almost every day. On December 5th, he decided to put $20K on MSU, but before sportsbook director Tony Miller could put the bet through, he needed the approval of Golden Nugget owner Tilman Fertitta—because the casino usually doesn’t accept bets that can result in such a substantial loss.

As Fertitta explained, “In my nine years at this sportsbook, I never accepted a bet that could result in us paying $1 million. The most I’ve ever seen won here was a $100,000 parlay.”

After thinking it through and realizing that the chances of Stevens’ Michigan State bet paying out were incredibly slim at that point in the season, they opted to take it. But with the Spartans just two wins away from the title, that decision by the Golden Nugget could end up being a costly one, literally.

Hat Tip – [ESPN]

Tags: bet, gambling, golden nugget, Las Vegas, March Madness, Michigan State Spartans, NCAA Tournament, sportsbook,