March Madness 2018: $1 million Las Vegas payout on the line if Michigan wins it all

Before the start of March Madness, Michigan graduate Derek Stevens, CEO of the D Las Vegas Hotel & Casino, convinced Tilman Fertitta, billionaire owner of Golden Nugget Casinos and the Houston Rockets, to accept a $25,000 bet at 40-1 odds on Michigan to win the NCAA championship.
Source: google