Las Vegas Casino Owner Cashes-In Twice on NCAA Tournament Upset

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For the second year in a row, Las Vegas Casino owner Derek Stevens decided to wager $11,000 to win $10,000 on all 32 games against the spread in the opening round of the men’s NCAA Tournament. Last year this bold endeavor cost him $109,000 with a record of 10-19-3. The total amount wagered on the games was $352,000. According to a recent report on PlaySlots4RealMoney, the owner of D Casino in downtown Las Vegas came away with a modest $16,000 again this time around with a record of 17-14-2.

How Did The Las Vegas Casino Owner Cash In Twice on NCAA Tournament?

Ironically enough, the total amount bet on this year’s opening round was $11,000 higher at $363,000. Also, this was because Stevens inadvertently bet on Loyola-Chicago twice as a two-point underdog to beat Miami in the opening round. The No. 11 Ramblers not only beat the Hurricanes straight-up, but they also went on to upset No. 3 Tennessee to earn a spot in this week’s Sweet 16.

March Madness Is One Of The Busiest Times At The Casinos In Las Vegas

The annual NCAA Tournament is one of the busiest times of the year for Las Vegas casinos, especially the opening weekend that usually coincides with St. Patrick’s Day and spring break. The bulk of march madness betting is reserved for real money gambling by casino patrons as opposed to their owners, but it appears that Stevens is looking to make this costly gamble an annual tradition.

The Online Sports Betting Lines Released On Selection Sunday

Stevens formed a small team of employees to help place all 32 wagers (actually 33) on a live radio broadcast on VSiN (Vegas Stats & Information Network hosted by Brent Musburger according to this report. Part of the challenge was making the picks as the betting lines were being released later that night on Selection Sunday. Above all, this is when the selection committee for the NCAA Tournament sets the bracket for the entire 68-team field.

South Point and Golden Nugget Casinos

The bets were placed via a mobile platform with Las Vegas casinos South Point and The Golden Nugget. The mix-up with the duplicate bet happened when the Loyola-Chicago game was bet at each casino. The mix-up led to a $20,000 gain as opposed to $10,000 to account for most of Mr. Steven’s overall $16,000 gain.

The Michigan Alum Wagered $12,500 On The Wolverines Winning The National Title

The D Casino owner is no stranger to betting big. Before last year’s NCAA Tournament, the Michigan alum wagered $12,500 on the Wolverines winning the national title. The payoff on that bet given the betting odds at the time would have been $1 million. His team fell to Oregon in the Sweet 16. Days later, he placed a $25,000 bet that Michigan would win this year’s tournament. So far so good with the No. 3 Wolverines favored by 2.5 points in this Thursday’s Sweet 16 matchup against No. 7 Texas A&M in the West Region.
Las Vegas Casino Owner Cashes-In Twice on NCAA Tournament Upset
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The March Madness Betting On Games In Las Vegas Generates Big Revenue

While betting on the games in Las Vegas generates quite a bit of revenue for the casinos through their sportsbooks, real money casinos online are also taking in quite a bit of betting action through their online sportsbooks. Betting on sports, especially when it comes to March Madness is not just restricted to the undisputed real money gambling capital of the world.

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Las Vegas Casino Owner Cashes-In Twice on NCAA Tournament Upset
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Las Vegas Casino Owner Cashes-In Twice on NCAA Tournament Upset
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For the second year in a row, Las Vegas casino owner Derek Stevens decided to wager $11,000 to win $10,000 on all 32 games against the spread in the opening round of the men’s NCAA Tournament. Last year this bold endeavor cost him $109,000 with a record of 10-19-3. The total amount wagered on the games was $352,000. According to a recent report on PlaySlots4RealMoney, the owner of D Casino in downtown Las Vegas came away with a modest $16,000 again this time around with a record of 17-14-2.
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