Though the initial stages are done and dusted, we are still very much in the middle of the NCAA men’s basketball tournament. Apart from the Super Bowl, March Madness is one of the times of year where we see an absolutely ridiculous number of sports wagers placed. While a majority of these wagers are placed by folks who are more seasonal betters that only bet on the Tournament and nothing else, there are some die-hard gamblers who look to earn a massive payout during March.
One of this year’s largest wagers was placed by a man who, surprisingly enough, owns a casino himself. Derek Stevens, who owns The D casino, placed a more than $12,000 bet on Michigan University’s men’s basketball team. In total, the bet was for $12,500 and was on Michigan to emerge outright winners of the tournament. Last Thursday, however, the potential $1 million payout died as Michigan was defeated by Oregon by a score of 69-68.
The $12,500 wager was especially interesting because it was personally approved by the owner of the Golden Nugget, Tilman Fertitta.
The $12,500 wager placed by Stevens was not the only NCAA Tournament bet he placed. In fact, we recently ran a story detailing the $11,000+ bets made on each and every one of the 32 opening round games. Though he ended up faring half-decently, he got things off to a rough start and was almost immediately down by more than $100,000.
The seemingly ridiculous wagers made by Stevens do well to highlight what happens around this time each and every year. The simple fact of the matter is that there are millions of wagers placed both online and at brick and mortar casinos from the beginning through to the end of March. While most people do not have 5-figures to place on a single wager, many people do land themselves in a bit of hot water due to their NCAA wagers.
This is a great opportunity for us to hammer home the responsibility you, as a gambler, have to be wary of the money you are spending. If you are considered a problem gambler or know someone who might be, this is a time of a year that you should be looking at the warning signs. There are countless resources for those seeking help, and even resources aimed at helping others get the help they need. March is a time for fun college sports, but it is important that we do not let that potential fun ruin your financial standing, or the financial standing of others.