That is exactly what he did. Why someone with over a million dollars would do that for just $11,000 is beyond me.
The -12500 are the payout odds on the moneyline. Using a more normal example of Cavs vs Pistons and the Cavs moneyline is say, -200. The negative means the Cavs are the favorite. And the -200 means you bet $1 to win 50 cents.
A point spread bet also has odds, normally -110. So say the Cavs are -5 -110. If the Cavs win by 6 and you bet $1 you would win 91 cents.
That is how books usually make their money. I bet a dollar on Detroit and lose the entire dollar. You bet a dollar on Cleveland and win 91 cents. The book makes 9 cents.