This is March Madness on a whole different level.
A bet between two Las Vegas casino owners will cost one of them $1 million if the University of Michigan wins the NCAA mens' basketball tournament.
Derek Stevens, who owns The D casino, plunked down $12,500 on Michigan at the Golden Nugget at 80-to-1 odds.
Now the Wolverines have advanced to the Sweet 16, bringing Nugget owner Tilman Fertitta closer to making a payout 10 times larger than any his casino's sports book has ever made.
The Golden Nugget could have rejected the bet, but Fertitta personally approved it.
Fertitta himself is tied for second place in a nationwide charity brackets pool, and promises to give the $380,000 prize to charity if he wins.
He also owns Atlantic City's Golden Nugget.
