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BankrollMob Betting News

mar
15

Downtown Las Vegas casino owner bets $352K on March Madness

Tags: Derek Stevens, Las Vegas, Michigan, NCAA Championship.
Posted on Wednesday, March 15, 2017 by "T".

March Madness is finally here, and as usual, Downtown Las Vegas Events Center owner and sports bettor Derek Stevens is at it again. Two years ago, casino owner Stevens came two wins shy of taking home $1 million after he put a $10,000 bet on Michigan State to win the NCAA Championship when the Spartans were
50-to-1 long shots.

Last Sunday, he did not waste any moment when the brackets were announced, and bet $11,000 on each of the 32 opening round games in the NCAA Tournament. That's a total wager of $352,000, and if he wins all of them, he will receive $320,000, which sums up to a total payback of $672,000.

He placed the bets at the South Point live on the set of the Vegas Stats and Information Network show on Sirius XM radio.

Stevens clearly shows his partiality to the underdogs, betting on 19 of them in the first round, with the biggest being that of Texas Southern at plus-25 against North Carolina. The game where he put the most points was on Gonzaga at minus-22 against South Dakota State.

In 2015, he hedged his Michigan state bet, placing $49,000 in the Final Four matchup on Duke to beat Michigan state. Duke trampled the Spartans 81-61 and Stevens walked away with $20,000.

With a total of 32 individual bets this 2017, there shall be no hedging for Stevens.


Sources: http://www.reviewjournal.com/sports/betting/las-vegas-casino-owner-bets-352k-first-round-ncaa-tournament & https://twitter.com/DerekJStevens/status/841102935660486657

 


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11 comments for "Downtown Las Vegas casino owner bets $352K on March Madness"

 pochui3/15/2017 9:00:21 PM GMT
wow what a cool guy he is, betting $352K for a return of $672K... wait, does this mean 2:1 bet spread on a shitload of matches, but still 2:1 return... i guess you can only be cooler than this guy if you go on to place a $400K bet on red, 1-18 or even... way cooler.
 damosk3/15/2017 9:20:25 PM GMT
In the world of crazy bets, today in the United Kingdom Cheltenham Festival, (Horse racing) one punter, put a Four Hundred Thousand Pounds or in US, half a million dollars bet on a stand out favourite horse who was at odds of one to four.... way ahead of the next horse who was at seven to one. So he stood to win one hundred thousand pounds. Unfortunately. This dead cert favourite had a rubbish race and came nowhere. Easy come easy go half a mill!
 Mober3/15/2017 10:44:25 PM GMT
When you have lots of money you can do things like this.
Why betting all this money just to double up.
It just doesnt make sense with so many games.
He is in for the excitement i guess.
Even if i had the money he does i wouldnt even think of placing such bets.
 bowie19843/16/2017 1:18:33 AM GMT
Posted by pochui:
wow what a cool guy he is, betting $352K for a return of $672K... wait, does this mean 2:1 bet spread on a shitload of matches, but still 2:1 return... i guess you can only be cooler than this guy if you go on to place a $400K bet on red, 1-18 or even... way cooler.

He bet on the point spreads, he is gonna loose half of them right away tbh. March madness (and basketball in general) brackets are the most statisticaly well rounded wagers a bookie could offer, meaning they are rarely misprice teams in them.
 Robbo19903/16/2017 7:17:44 AM GMT
well this is the whole reason why its called march madness. it is quite incredible how college sports are so massive in america. elsewhere nobody cares untill its international or you play for you region
 doubletop7773/16/2017 9:00:12 AM GMT
It must be a very nice feeling to be able to afford to gamble this much. Betting on handicaps is fraught with danger and i would be very surprised if he had more than half correct
 Gerimantas3/16/2017 9:48:22 AM GMT
This is so much money to bet and risk losing, I think I find better ways to spend this money like investing into some real estate or buying some stocks or even government bonds, but when you have so many money that you dont care about losing it, then you can make such crazy bets, you can give it to some charities if have so much.
 pajalnick3/16/2017 6:10:04 PM GMT
Wow what a big bet ... probably this person has an incredible flair and great opportunities to make such bets .... I can only dream about such stakes .... I wish him and me good luck
 bowie19843/17/2017 1:34:27 AM GMT
Posted by pajalnick:
Wow what a big bet ... probably this person has an incredible flair and great opportunities to make such bets .... I can only dream about such stakes .... I wish him and me good luck

Either he has too much money or too little of a brain. Classic win-win situation.
 Tony_MON7ANA3/17/2017 9:48:38 PM GMT
Wow, I really like this guy. He has made a serious effort to rejuvenate downtown Las Vegas. I would love to play blackjack, dine and drink at a steakhouse at The D Las Vegas casino all day every day.
 DaCapo713/19/2017 11:20:38 AM GMT
That sounds not really like a serious business man, he bet a lot of money as a casino owner...for me this was the begin of the end for his casino in my opinion. Normally the gamblers sit at the other side of the table Blink

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