Billy Walters is about to add another credential next to his legendary name: Author.
The famous Las Vegas bettor, who emerged from poor beginnings in Kentucky to become the most controversial figure in sports betting, will release his autobiography in August entitled “Gambler: Secrets from a Life at Risk.”
Walters was calling for the legalization of sports betting in America for decades before it PASPA was overturned in 2018. He forecasted the world with sportsbooks operating like DraftKings, FanDuel and Wynnbet sportsbook, thriving in over 30 states.
Walters played big and won big in his gambling career, but also encountered controversy along the way. He’s a convicted felon for a disputed insider trading charge that also implicated legendary professional golfer Phil Mickelson.
In “Gambler” Walters has promised to detail his relationship with Mickelson and reveal the secrets to his successful career in sports betting that includes a 36-year streak without a losing year.
Billy Walters Early Life and Career
Walters is approaching his 77th birthday in July of 2023 and has humble beginnings being left in the care of his grandmother when he was young in a house with no running water or internal plumbing.
Determined to succeed, Walters bet on himself, getting a loan to buy a power lawnmower to start his own business and a second loan to start a paper route. Those jobs provided seed money for his first career.
Eventually, Walters became a used car salesman, known for his tireless work ethic and ability to market himself. He eventually started his own business selling cars wholesale to other dealers throughout the Southeast United States.
Billy Walters Rise to Success in Sports Betting
Sports betting was one activity Walters couldn’t shake. He is said to have bet on the Yankees in the 1955 World Series when he was nine and lost his house while pitching pennies.
Walters became a full-time sports bettor in 1981 when opportunities were limited in America. He set up shop in Las Vegas and joined with The Computer Group, the first big company who used computers to analyze and predict the outcome of sporting events.
Walters rode the new wave of information to become perhaps the most successful sports bettor of all-time. An ESPN magazine story in 2015 called Walters ‘the greatest and most controversial gambler ever.’ VSiN (Vegas Stats and Information Network) hailed him as the “Michael Jordan” of Sports Betting.
He used his skills and knowledge to win several millions in a single bet on Super Bowl 44 and a college football game between Michigan and Southern Cal.
Of his years betting on sports through his personal, private network, Walters claims to have turned a profit in every year but one.
Billy Walters Net Worth and Philanthropy
Walters became well-known as one of Las Vegas’ leading philanthropists. He has donated millions to Opportunity Village in Las Vegas, a non-profit organization for people with intellectual disabilities.
He’s promised to split the profits off his book between the Opportunity Village, the Cedar Lake Foundation to help people with disabilities in the Greater Louisville area and Hope for Prisoners Billy Walters Center for Second Chances which serves formerly incarcerated prisoners.
Walters net worth is listed as approximately $200 million and he has become a real estate developer creating golf courses in Nevada.
Billy Walters Controversies and Legal Issues
Walters has been the target of multiple investigations over the years. The Computer Group was raided in 1985 by the FBI but failed to produce any significant charges against Walters.
Walters was convicted on an insider trading charge in 2017. The FBI’s case alleged that Walters conspired with Thomas C. Davis, a board member at Dean Foods, to take non-public information and use it for his personal advantage by shifting around his level of investment in the company.
The FBI showed that Davis used a private cell phone and referred to Dean Foods as the “Dallas Cowboys” in code and that Walters was able to avoid drops in the market and buy in at the right time to make an estimated $40 million.
Walters charged – and still does, there’s a whole section of his website devoted to this – that delicate information was provided by FBI agents to the media which helped sway the decision in the trial.
Dean Foods, who produced dairy products, declared bankruptcy in 2019.
Walters was imprisoned for 31 months, then released to home confinement because of Covid concerns. His sentence was commuted by President Donald Trump in January of 2021.
Billy Walters Legacy and Impact on the Sports Betting Industry
Despite his legal troubles, it’s impossible not to note the impact Walters has had on the betting industry in America. His use of computer data was revolutionary. Now computers provide analytics that professional teams use to create their rosters, call plays and sports bettors use that information when placing bets.
Walters was also a leading proponent of legalizing sports betting throughout the country, saying that the local governments could reap the rewards through taxes.
That last wish by Walters has been proven true.
Billy Walters Life and Career
Walters carries a complicated legacy. He’s a convicted felon who also donates generously to those less fortunate. He’s become a legend in the sports betting industry with his cutting-edge ideas and success. His story is one worth knowing.
