Houston billionaire could lose $1M if Michigan State wins NCAA Tournament

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

LAKE CHARLES, LA - It could be the biggest payout ever for the Golden Nugget Hotel & Casino if Michigan State wins the NCAA Tournament.

Tilman Fertitta, the casino's owner, agreed to the bet made by fellow casino owner Derek Stevens. Stevens put up $20,000 on 50-to-1 odds that the Spartans would win the championship. That would pay out $1,000,000, but Michigan State still needs to get through Duke and the winner of the Kentucky-Wisconsin game.