Michigan alumni's bet will pay $1M if Wolverines win NCAA tournament

Derek Stevens, a Michigan alumni and CEO of the D Las Vegas Hotel & Casino, stands to walk away with $1 million if the Wolverines pull off an upset of No. 1 seed Villanova in the NCAA tournament championship game.

Before the tournament began, Stevens convinced Tilman Fertitta, owner of Golden Nugget Casinos, Landry's, and the Houston Rockets, to accept a $25,000 bet at 40-1 odds on Michigan to win it all.

The pair have made NCAA bets before, but this is the closest Stevens has ever come to the big win, according to Perry A. Farrell of the Detroit Free Press. If Michigan wins, it would be the biggest loss in history for Golden Nugget Las Vegas, which has never paid out more than $100,000.

"I like (the) way Michigan is coming together," Stevens said. "They have really pulled it together at the end of the season. The Big Ten tournament was just great. You could see how Coach (John) Beilein was bringing the team together. I thought when you looked at it this team might have a good run. In the NCAA no matter who it is you have to have a little luck; the way your bracket plays out. If the stars aligned I thought Michigan had a shot this year."