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Casino Owner Bets $100,000 On NCAA Tournament

Owner Of Downtown Las Vegas Casinos' Massive Wager Highlights Notable Futures Bets On March Madness

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Thursday marked the first day of the NCAA Men’s Basketball Tournament, more commonly known as ‘March Madness.’

College basketball fans rejoice every year around this time since they have a full day’s worth of games to watch over the first four days of the tournament, but gamblers love the tournament just as much for the same reason. There are 12 hours of basketball games to bet on.

The money already started rolling in earlier this month with a lot of action placed on futures.

According to ESPN Chalk, Derek Stevens, the owner of two downtown Las Vegas casinos, placed a $100,000 bet at South Point Casino on either Duke, Gonzaga, Michigan, or Kansas to win the national championship. He was given +105 odds on his bet, which means he’s getting slightly better odds than even-money.

The 2019 NCAA tournament is different, however. It’s the first year that bettors in states outside of Nevada can wager on the games, making it incredibly likely that there will be more money wagered on this year’s tournament than in previous years.

Of course, there was plenty of money bet last year. One gambler bet $2,000 to win just $26 on an in-game bet between Cincinnati and Nevada. After an incredible comeback from the winning team, he lost the $2,000.

Stevens’ bet is the largest reported bet placed thus far, but there were plenty of other massive bets placed. MGM accepted a $15,000 bet on Gonzaga to win it all at 6-1, took a $5,000 bet on Purdue to win it all at 30-1 and a ‘five-figure bet’ on Virginia to be the last team standing at 12-1.

FanDuel’s sportsbook took the largest wager outside of Nevada. They accepted a $25,000 bet on Virginia to win with +750 odds. It’s main competitor in the daily fantasy sports space, DraftKings, took a $9,750 wager on Duke to win the tournament at +250.

William Hills Sportsbooks took a $10,000 bet on the University of North Carolina to win it all and also has several large bets on longshots. One of their gamblers bet $2,000 on Cincinnati at 200-1, which would pay the bettor $400,000.

Other longshots include a $2,000 bet on Purdue at 150-1, $1,000 on Louisvile at 250-1, $1,000 on Minnesota at 200-1, $100 on Temple at 2,000-1, $200 on Buffalo at 1,000-1 $2,000 on Florida State at 75-1 and $50 on San Diego State at 3,000-1.