Downtown Las Vegas casino owner Derek Stevens won’t be cashing his $1 million betting ticket on Michigan, but he will almost break even.
Hours before Villanova crushed the Wolverines, 79-62 in San Antonio to win the NCAA Men’s National Basketball Championship, Stevens hedged his $25,000 wager on Michigan that would have paid 40-1 odds and netted him $1 million.
Stevens, owner of the D Las Vegas, wagered $330,000 on the money line for Villanova to win with bookmaker William Hill US. He’ll collect $100,00 on the bet. Combined with the loss on another hedge wager he made over the weekend on Loyola-Chicago, Stevens will net $23,000 – $2,000 less than the same amount as the original wager he placed at the Golden Nugget.
The rival Golden Nugget is owned billionaire Tillman Fertitta.
“Both parties are in a good spot,” Golden Nugget sports book director Tony Miller told the Las Vegas Review-Journal on Monday. “We’re in a good spot because we’ve got a formidable favorite and the No. 1 team in the country going for us. We have a good chance to win the whole thing and not lose anything.
“And Derek’s in a good spot because he (hedged).”
Fertitta posted Monday on Twitter that “today could be the day I make Derek Stevens $1M richer. … #whatwasithinking #GoNova.”
The duel has been a friendly one as Golden Nugget assistant sports book director Aaron Kessler showed up to watch Michigan’s win over Florida State with Stevens at the D Las Vegas dressed in Seminoles colors. And before Michigan’s comeback win Saturday over Loyola-Chicago, Miller tweeted, “I’ve looked all over, can’t find a Sister Jean costume.”
If Stevens had won his wager, the $1 million payout would have been the largest ever paid by the casino’s sportsbook.
The Las Vegas Review-Journal & Covers.com contributed.
