Michigan’s 69-68 loss to Oregon in the NCAA Tournament on Thursday means Golden Nugget Casino owner Tilman Fertitta won’t be paying out a bet that would have cost him $1 million.
Fertitta, who owns Golden Nugget Biloxi and stars on the CNBC show “Billion Dollar Buyer,” personally approved a $12,500 bet on the tournament. Derek Stevens, owner of The D Casino in Las Vegas, had bet his alma mater University of Michigan would win. At 80-to-1 odds, that would have paid $1 million, by far the largest sports bet ever paid by Golden Nugget in Vegas.
Meanwhile, Fertitta placed his bet on University of North Carolina to take home the trophy. His team advanced to the Final 8 to play No. 4 Butler on Friday night. At 4-to-1 odds, Fertitta will win $380,000 if North Carolina takes home the trophy. He plans to donate the money to the Houston Police Foundation.