Billy Walters (gambler)

Billy Walters
Born William T. Walters
(1946-07-15) July 15, 1946
Munfordville, Kentucky
Occupation Professional gambler
Net worth US$100 million (June 2014)[1]

William T. "Billy" Walters (born July 15, 1946)[2] is an American professional gambler widely regarded as among the most successful sports gamblers in Las Vegas, having a winning streak which extended for over 30 years. He is known for his exploits at roulette and sports betting. In April 2017, he was found guilty of insider trading after using non-public information from Thomas C. Davis, a board member of Dean Foods. Walters was sentenced to 5 years in prison and fined $10 million.[3][4]

Early life

Walters has been an avid gambler since he was 9 years old when he bet the money he earned from his paper route on the New York Yankees to beat the Brooklyn Dodgers in the 1955 World Series. The Dodgers won and Walters lost the bet, this did not deter him from gambling however. Walters was a losing gambler as late as 1982. He had lost $25,000 by the time he was 22 and $50,000 when he was 25. By 1982, Walters had lost his house from pitching nickels.[5]

After losing everything to his name over 15 times along with two wives, his father unsuccessfully convinced him to get steady employment.[5]

Gambling career

Walters' success changed in his mid to late 30s. In June 1986, Walters requested a freeze-out with Caesars Atlantic City for $2 millions at the roulette tables. Walters was known to have lost $1 million at least twice at the Las Vegas blackjack tables, Caesars however, declined his request. Walters then took his proposition to the Atlantic Club Casino Hotel, then known as the Golden Nugget, which was accepted.[6]

Walters and his gambling partner delivered $2 million to the cage at the Atlantic Club Casino Hotel. The pair noticed a wheel bias and bet on the 7-10-20-27-36. After 38 hours of play they won $3,800,000 beating the prior record of $1,280,000 held by Richard W. Jarecki at the San Remo Casino in Monte Carlo in 1971. Three years later his "Syndicate" had won $400,000 at a casino in Las Vegas and an additional $610,000 from Claridge Casino in Atlantic City.[6]

Sports betting

In the 1980s, Walters started the Computer Group which used computer analysis to analyzed sports outcomes. Over a period of 39 years, Walters has suffered only one losing year with a 30-year winning streak. Though he has finished in the red for a few months, he was always in the black by the end of the year. Walters bet on basketball, NFL and college football. Walters won $3.5 million on Super Bowl XLIV after betting on the New Orleans Saints.[7] Due to his reputation Walters often placed bets through "runners" so bookmakers remain unaware of the person behind the bet.[8]

In January 2007, Walters won a $2.2 million bet on University of Southern California defeating University of Michigan which they did 32-18. In 2011, he claimed he could make between $50 to $60 million on a good year.[2] Walters has been indicted by the Nevada Attorney Generals office 4 times, each time the charges were dropped.

Insider trading

In 2017, Walters, was convicted of making $43 million on private information of Dallas-based dairy processing company Dean Foods. Walters's source, company director Thomas C. Davis employing a prepaid cell phone and sometimes the code words "Dallas Cowboys" for Dean Foods, helped him from 2008 to 2014 realize profits and avoid losses in the stock, the Federal jury found. He gained $32 million in profits and avoided $11 million in losses. At the trial, investor Carl C. Icahn was mentioned in relation to Walters's trading but was not charged with wrongdoing. Golfer Phil Mickelson "was also mentioned during the trial as someone who had traded in Dean Foods shares and once owed nearly $2 million in gambling debts to" Walters. Mickelson "made roughly $1 million trading Dean Foods shares; he agreed to forfeit those profits in a related civil case brought by the Securities and Exchange Commission". Walters was sentenced to 5 years in prison and a $10 million fine. His lawyer said the verdict would be appealed.[9][10]

Walters is currently imprisoned at Federal Prison Camp, Pensacola and is scheduled for release on February 14, 2022.

Personal life

Walters has a son who suffers from brain damage. Walters is an avid golfer. He claims to have made over $400,000 on one hole and once as much as $1 million in one round, though he admitted to losing a million at blackjack later that night. In his free time, he enjoys playing blackjack, poker and craps. He opened up about his life in a 2011 interview with 60 Minutes.[11] Walters is a noted philanthropist and has donated to toward Opportunity Village, a Las Vegas nonprofit for people with intellectual disabilities.[4]

Walters has a private jet worth $20 million and owns seven homes. In June 2014, his net worth was estimated at over $100 million.[1]

See also

References

  1. 1 2 Rowe, Peter (13 June 2014). "Billy Walters, gambler extraordinaire". sandiegouniontribune.com. Retrieved 2018-03-06.
  2. 1 2 Berzon, Alexandra (3 June 2014). "Taste for Risk Fueled Career of Bettor Billy Walters, Now in Trading Probe". WSJ. Retrieved 2018-03-06.
  3. ↑ Moynihan, Colin; Moyer, Liz (7 April 2017). "William T. Walters, Famed Sports Bettor, Is Guilty in Insider Trading Case". nytimes.com. Retrieved 2018-03-06.
  4. 1 2 Erik Larson Bloomberg (2017-07-27). "Las Vegas gambler Walters gets 5 years in prison, $10M fine". Las Vegas Review-Journal. Retrieved 2018-03-06.
  5. 1 2 Trader, Mercenary (2 February 2011). "Billy Walters and the Fourth Horse". Business Insider. Retrieved 2018-03-06.
  6. 1 2 Russell T. Barnhart (1992). Beating the Wheel: The System That Has Won Over Six Million Dollars from Las Vegas to Monte Carlo. Kensington Publishing Corporation. pp. 101–. ISBN 978-0-8184-0553-2.
  7. ↑ Newman, Eric (2012-02-17). "The Greatest Sports Bets of All Time". Bleacher Report. Retrieved 2018-03-06.
  8. ↑ Fish, Mike (2015-02-06). "Meet the world's most successful gambler". ESPN.com. Retrieved 2018-03-06.
  9. ↑ Calia, Mike (6 September 2017). "Gambler Billy Walters sentenced to 5 years in 'amateurishly simple' insider-tradingscheme". CNBC. Retrieved 2018-03-06.
  10. ↑ Larson, Erik (2017-07-27). "Vegas Gambler Billy Walters Gets 5 Years for Insider Trading". Bloomberg.com. Retrieved 2018-03-06.
  11. ↑ admin (2015-09-21). "Billy Walters - A Legend In Sports Betting History". USA Sportsbook Sites. Retrieved 2018-03-06.
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