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 were50-to-1 long shots.
Last Sunday, he did not waste any moment when the brackets were an[...] Read more » Downtown Las Vegas casino owner bets $352K on March Madness
Joined: May '08
Location: Lithuania
Age: 39 (M)
Posts: 10090
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.
Joined: Feb '11
Location: United Kingdom
Age: 59 (M)
Posts: 5712
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!
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
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.
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.
Joined: Dec '12
Location: New Zealand
Age: 33 (M)
Posts: 504
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
Joined: Mar '11
Location: United Kingdom
Age: 55 (M)
Posts: 7371
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
Joined: Jan '17
Location: Lithuania
Age: 66 (M)
Posts: 1756
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.
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
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.
Joined: Mar '14
Location: Japan
Age: 49 (M)
Posts: 8946
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.
Edited by Tony_MON7ANA (17 March 2017 @ 22:18 GMT)
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
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
