Tilman Fertitta takes $1 million March Madness bet

Photo by Kevin King

Tilman Fertitta, owner of the Golden Nugget Hotel & Casino, agreed to a bet that would payout $1 million should Michigan State win the NCAA title. Though the Golden Nugget could have turned down the bet, the sports book decided to take it at the direction of Fertitta.

In early December, neighboring casino owner, Derek Stevens, who owns a few hotels himself in downtown Las Vegas, put $20,000 down on 50-to-1 odds from the Golden Nugget that a Spartans team that started the season with a 5-3 record would cut down the nets at the end of the NCAA Tournament, according to ESPN.com.

As a remaining team in the Final Four, Michigan State still has to beat Duke and the Kentucky – Wisconsin winner before the million-dollar payout would occur.

The sports book director at the Golden Nugget said the biggest payout ever made was $100,000, so this would be a massive loss. Stay tuned to see if Fertitta will be out a million dollars come the final buzzer of the NCAA tournament.