Derek Stevens has plenty of reasons to cheer for Michigan in its upcoming NCAA tournament game against Oregon.
One million reasons, to be exact.
Stevens, a Grosse Pointe native who received his bachelor’s degree from Michigan and master’s from Wayne State, placed a futures bet on the Wolverines for $12,500 before the NCAA tournament began.
At 80-to-1 odds, a U-M championship would pay Stevens $1 million. He placed the bet at the Golden Nugget in Las Vegas on March 14.
Stevens posted the betting slip on Twitter.
Stevens owns The D Las Vegas Hotel and Casino and the Golden Gate Hotel and Casino in Las Vegas, along with other properties.
Michigan, the No. 7 seed in the Midwest Region, beat No. 10 Oklahoma State in the opening round and No. 2 Louisville in Sunday’s second round.
The Wolverines face No. 3 Oregon at 7:09 p.m. Thursday in Kansas City. The winner earns a berth in the Elite Eight.