When does a Michigan alum become the world's biggest Michigan State fan? How about when a million bucks is on the line?
That is the dilemma -- or potential gold mine -- facing Derek Stevens.
Stevens is apparently a regular at the Golden Nugget sportsbook in Las Vegas (after all, he owns two downtown hotels himself, The D and the Golden Gate). According to ESPN's Darren Rovell, Stevens walked into the Golden Nugget on Dec. 5, got the sportsbook director to call and get the OK from Golden Nugget owner Tilman Fertitta for Stevens to drop $20,000 on the Spartans to win the NCAA championship, then at 50-1 odds.
That's a $1 million score.
One man, @DerekJStevens, has $1M riding on Spartans bet http://t.co/tyG3q7zpY3 pic.twitter.com/z19CaQkJS6
— Darren Rovell (@darrenrovell) March 31, 2015
"In my nine years at this sportsbook, I never accepted a bet that could result in us paying $1 million," Tony Miller, the sportsbook director, told Rovell. "The most I've ever seen won here was a $100,000 parlay."
For Stevens, however, it wasn't all that big a deal as one might imagine.
"I bet $1,000 on an NFL game," said Stevens, who reportedly also pulls for the Spartans despite attending college in Ann Arbor. "I don't do bets this big."
Whether he will hedge his bet, meaning betting an amount far smaller than $1 million on Duke and again in the national championship game should the Spartans make it that far in order to win some money even if Michigan State loses, Stevens told ESPN he would see how feels as the week progresses.
Nevada gaming regulations forbid hotel/casino owners from betting at establishments they own, hence why Stevens instead bet at his friend's casino. But he will be at The D to watch the Spartans take on the Blue Devils in Saturday's Final Four contest. In fact, he'll be watching it at the sports bar, inviting Spartans fans to join him. Safe to say some of his employees will be cheering, too.
"If I win, I'll give some bonus money to my employees," Stevens said. "I also want to give some money to the (Jerry) Tarkanian Basketball Academy, and the rest I will reinvest in my properties."
As for Miller, part of him may be cheering for his friend, but it probably isn't a large part.
"This would be a massive loss for us," Miller said. "I see days where we lose $10,000 to $30,000, but nothing close to $1 million. ... I haven't watched a Spartans game as closely as I've watched the last two."
