Billy Walters is one of the most successful American sports bettors of all time, with a winning streak that lasted more than 30 years.
After working as a car salesman, he made his fortune in sports betting before returning to his business roots.
Known as an entrepreneur, philanthropist and elite gambler, Walters has also published a book in recent years.
Who Is Billy Walters?
Walters grew up in rural Kentucky in an extremely poor household. He was raised by his grandmother until she died when he was 13, forcing him to move back with his mother, who was an alcoholic.
Walters worked several jobs from a very young age, before starting as a salesman in the automobile industry in 1965.
He broke dealership records and averaged sales equivalent to $400,000 a month in today’s money. Working 80-hour weeks, he gained enough expertise to start his own business in 1972, before leaving the industry in 1981 to become a full-time sports bettor.
He moved to Las Vegas with his wife and soon began making serious money.
Billy Walters’ Gambling Career
Walters’ gambling career began very early on. He was nine years old when he started betting money from his paper route on the New York Yankees in the 1955 World Series.
They lost to the Brooklyn Dodgers and Walters lost the bet, but he wasn’t deterred. He had lost as much as $50,000 by the age of 22.
EP #388 – Billy Walters on GAMBLER
This iconic sports bettor has lived a WILD life. That includes winning and losing hundreds of millions over time. But his toughest L was his very first bet. At the age of nine. Billy explains below.
FULL CHAT: https://t.co/Kfx3MUF8J2 pic.twitter.com/kukYLgOAhs
— Books on Pod (@booksonpod) January 14, 2024
But in his 30s, his luck began to change. In 1986, Walters and his betting partner won $3,800,000 at the Atlantic Club Casino Hotel after noticing a wheel bias at the roulette table.
He also won the 1986 Super Bowl of Poker, earning $175,000.
Sports Betting
Walters had joined the Computer Group in the 1980s, which analysed sports outcomes. He managed a run of just one losing year in a 39-year-period, with a 30-year winning streak.
While he would suffer losses in some months, he would always end the year with profit. Walters would bet on the NFL, basketball and college football, winning $3.5 million betting on Super Bowl XLIV.
Due to his growing reputation, he would often use “runners” to place his bets for him so bookies wouldn’t be aware it was him betting.
In 2007, he won a $2.2 million bet on college football, and in 2011 claimed he earned up to $60 million in a good year.
A beautiful quote from sports betting legend Billy Walters.
“My philosophy on life is simple: You come into this world with nothing, and you leave with nothing. So seize every opportunity to leave a legacy that might inspire others to make the most of their time on earth.” (1/3) pic.twitter.com/ntyW1obwjG
— WagerPager | Sports Betting Jobs (@wagerpagerjobs) January 18, 2024
Walters was inducted into the Sports Betting Hall of Fame in 2023 in Las Vegas.
His plaque reads: “Billy Walters is known for being the greatest sports bettor of all time. He commands respect from every prominent bookmaker in the world and is known for contributing as a philanthropist to many causes.”
Billy Walters Net Worth And Philanthropy
Despite often donating huge sums of money, Walters still has plenty. He anonymously donated $500,000 to help victims of the Las Vegas shooting in 2017, and he and his wife gave $1 million to help rebrand the Harry Reid International Airport in 2021.
But with an estimated net worth of around $200 million, he’s not doing badly. His philanthropy also included donations for the disabled and those affected by the COVID-19 pandemic.
And in 2022, he gave a “substantial gift” to HOPE For Prisoners. The Las Vegas nonprofit aims to help people reintegrate into society following incarceration.
The Billy Walters Centre for Second Chances was opened to help deliver the organisation’s services. Walters received the Champion of Hope award from HOPE For Prisoners.
He has since donated another $2 million for a new vocational school.
Billy Walters’ Book
Released in August 2023, Walters detailed his story in a book entitled Gambling: Secrets from a Life at Risk, which became a New York Times best seller.
Published by Simon & Schuster, the book features two chapters on Walters’ strategies. He also discussed his fractured friendship with golfer Phil Mickelson, claiming he would not have been convicted of insider trading if Mickleson had testified.
Insider Trading Charges
The charges Walters mention concern a period from 2008-2014. In 2017, Walters was found guilty of insider trading after using non-public information from a board member of Dean Foods.
He was sentenced to five years in prison and fined $10 million. Walters was found to have gained $32 million in profits and avoided $11 million in losses from the illicit actions.
LIVE: U.S. Attorney Bharara announces charges against William “Billy” Walters, Thomas Davis for insider trading. pic.twitter.com/thLxJ5M4tT
— Reuters (@Reuters) May 19, 2016
He was initially imprisoned at Federal Camp Prison in Pensacola, but was released to home confinement in California during the COVID-19 pandemic.
His sentence due to be completed in Januaryy 2022, but was commuted by Donal Trump in 2021.
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