Derek Stevens didn’t cash his $1 million ticket on Michigan, but the Las Vegas casino owner still came out on top on his wagers Monday night and for the NCAA Tournament.
Stevens, who owns the D Las Vegas and the Golden Gate, lost his $25,000 futures bet on the Wolverines placed at the Golden Nugget when Michigan was defeated 79-62 by Villanova in the NCAA title game. But he won $100,000 on a $330,000 hedge bet he placed on the Wildcats on the money line Monday afternoon at William Hill sports book.
— John Katsilometes (@johnnykats) April 3, 2018
Minus the $52,000 in hedge bets he lost on Loyola-Chicago in the Wolverines’ win on Saturday and Stevens ended up with a net profit of $23,000.
The Michigan grad also won $16,000 in the first round of the NCAA Tournament — when he went 17-14-2 on 33 $11,000 wagers — bringing his total tournament winnings to $39,000.