99°F
weather icon Clear

Las Vegas casino owner’s March Madness betting binge ends

Updated March 24, 2017 - 3:54 pm

Michigan’s 69-68 loss to Oregon on Thursday not only halted the Wolverines’ wild postseason ride but also brought an end to Derek Stevens’ NCAA Tournament betting binge.

Stevens, a Las Vegas casino owner, would have pocketed $1 million if Michigan had won the NCAA title on a $12,500 futures bet he made March 14 on the Wolverines at 80-1 odds at the Golden Nugget.

Michigan, which beat Oklahoma State in the first round and upset No. 2 seed Louisville in the second, led the Ducks 68-65 with 2:04 left but didn’t score the rest of the way. Jordan Bell scored a layup to cut the deficit to 68-67 with 1:48 left, and Tyler Dorsey made a go-ahead layup with 1:09 left to give Oregon the lead for good. The Wolverines had a chance to win in the final seconds, but Derrick Walton Jr.’s long jumper bounced off the rim.

Stevens, who owns The D and the Golden Gate, also lost $109,000 betting on the first round of the tournament for total losses of $121,500. He wagered $11,000 to make $10,000 on each of the first 32 tournament lines posted at South Point on Selection Sunday and finished 10-19-3 against the spread.

A Michigan alumnus, Stevens fell two wins shy of cashing $1 million on Michigan State in 2015 after he bet $20,000 at 50-1 odds that it would win the title. He hedged his wager in the Final Four, betting $49,000 on Duke in its 20-point win over the Spartans to net $20,000.

Stevens didn’t hedge his bet on the Wolverines.

William Hill operates the sports books at The D and the Golden Gate. Nevada casino owners are prohibited from gambling in their own casinos.

Contact reporter Todd Dewey at tdewey@reviewjournal.com or 702-383-0354. Follow @tdewey33 on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Best bets for PGA Championship

VSiN host Wes Reynolds and Westgate SuperBook golf oddsmaker Jeff Sherman had two common players among their best bets to win the PGA Championship.

Americans bet $125B on sports since 2018 legalization

Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it.