Billy Walters is a notable name in the American business world, and he is most known for his brilliant forays into sports betting. Walters was born on July 15, 1946, in Munfordville, Kentucky, and his rise from a lowly beginning to a titan of business is nothing short of amazing. His inventive methods of sports betting brought his entrepreneurial prowess to the fore. Walters continually displayed a fantastic capacity to interpret trends, analyze patterns, and accurately forecast events that shocked many.
His talent for taking calculated risks made him a pioneer in the sports betting sector. His audacity to defy accepted standards and use data and technology in untried ways completely changed the sports gambling industry. The accomplishments of Walters go beyond his business knowledge. His charitable activities demonstrate his dedication to giving back to society. He regularly participates in charity causes and uses his success to improve the lives of many different communities.
Billy Walters’ Net Worth
Billy Walters is a $200 million sports bettor, businessman, and developer from the United States. One of history’s most prosperous sports bettors is Billy Walters. Billy has amassed hundreds of millions of dollars through sports betting, and he then uses that money to make more conventional investments. Walters currently owns golf courses, real estate, auto businesses, and numerous homes, and he asserts that he made money wagering on basketball and football for 37 years in a row.
Billy belonged to the Computer Group, a statistical analysis-based betting system founded in Las Vegas in 1980 and generated millions of dollars annually. He was convicted of insider trading in April 2017 in New York Federal court following a three-week trial. The prosecution accused Billy of utilizing insider information to generate $40 million in unauthorized profits between 2008 and 2015. He was given a five-year prison term; however, because of the COVID-19 outbreak, he was freed early. Donald Trump commuted Walters’ sentence in January 2021.
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Billy Walters’s Early Life
On July 15, 1946, in Munfordville, Kentucky, William T. Walters was born, becoming Billy Walters. Billy’s auto mechanic father passed away when he was 18 months old, and his drunken mother soon abandoned Walters and his two sisters. The grandmother reared the children in a house without indoor plumbing while growing up in poverty. Billy’s grandma was a devoted Baptist who raised seven children while working two jobs—washing dishes and cleaning homes.
When Walters was seven years old, he borrowed $40 from the bank to buy a power lawnmower and started a grass-cutting business. He started a paper route and secured a $90 bank loan two years later. Together with his grandma, he was able to obtain both bank loans. At 13, Billy relocated to Louisville, Kentucky, to live with his mother after his grandmother died.
Walters had two jobs—a gas station in the nights and a bakery in the mornings—and his mother charged him $10 per week to live in a room in the basement. Billy married and had a child before high school, but the union was short-lived. When Walters was six, he played poker at his grandmother’s pool hall. He wagered $125 on the Yankees during a World Series game when he was ten, but the club lost.
Billy Walters’s Career
Midway through the 1960s, Walters accepted a position as a salesperson with McMackin Auto Sales in Louisville. He sent a self-promotion letter to the buyer’s neighbors each time he sold a car. He made $56,000 in 1966 while working at McMackin Auto Sales, selling more than 30 cars monthly. Billy started as a sales manager at Steven’s Brothers Auto Sales the following year. He remained there until 1972 when he began the Taylor Boulevard Auto Sales wholesaler.
He decided to start working full-time as a bookmaker and sports betting in 1981, but he quit after pleading guilty to a misdemeanor charge of possessing gambling records in 1982. Later, Walters and his wife Susan relocated to Las Vegas. Billy had already lost $50,000 in gambling by age 22. After relocating to Las Vegas, Billy twice lost $1 million playing blackjack. He requested a $2 million freeze-out in 1986 at the Caesars Atlantic City roulette tables. When the casino declined, the Golden Nugget agreed to the deal.
At one time, Richard W. Jarecki’s 1971 record of $1.28 million at Monte Carlo’s San Remo Casino was beaten by Walters and his gambling companion, who won $3.8 million at the Golden Nugget. Billy earned $175,000 after winning the 1986 Super Bowl of Poker. Walters gained $3.5 million by betting on the New Orleans Saints in Super Bowl XLIV (2010) after joining the Computer Group in the 1980s, which used computer analysis to predict sports events. When the University of Southern California defeated the University of Michigan in January 2007, he won $2.2 million.
Billy Walters’s Insider Trading
In April 2017, after using secret information from Dean Foods board member Thomas C. Davis, Billy was found guilty of insider trading. He was given a five-year prison term and a $10 million fine. Billy received insider information from Davis between 2008 and 2014 that helped him make more than $30 million in profits and prevent more than $10 million in losses. Billy received this information via a prepaid cell phone.
Preet Bharara, the former US Attorney for the Southern District of New York, was one of five senior federal law enforcement officials that Walters accused of covering up and lying to the federal court regarding unauthorized disclosures of false material to the media in a complaint that was filed in October 2020. Due to the COVID-19 epidemic, he was moved from the Federal Prison Camp in Pensacola to house confinement in May 2020. Donald Trump commuted his sentence in January 2021.
Billy Walters’s Personal Life
Billy and his wife Susan were recognized as the Las Vegas Philanthropists of the Year in 1997 and again in 2012 for their contributions to Opportunity Village. The group “serves people in Southern Nevada with intellectual and related disabilities, to positively impact their lives and the lives of the families who love them,” and when Opportunity Village had to postpone two fundraising events in September 2020 because of the COVID-19 pandemic, Billy and Susan promised to match donations up to $1 million.
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Opportunity Village has been close to the hearts of the Walters family for some time. Susan and I felt strongly that it was vital to support a fantastic organization that has, regrettably, been severely impacted by the coronavirus outbreak. Billy has three children, and when Scott was seven years old, it was determined that he had a brain tumor, necessitating surgery.
Scott’s official website states that the procedure left him “with significant brain damage and limited ability to care for himself.” Billy likes to play golf and has claimed to have earned more than $400,000 on a single course. In 2014, “The San Diego Union-Tribune” stated that Walters owned “three Vegas golf courses, several car dealerships, a four-bedroom house in Henderson, Nev., a $10 million oceanfront home in Carlsbad, and a $8.5 million residence in Rancho Santa Fe.”
Billy Walters’s Real Estate
Billy and Susan listed their 8,299 square-foot Henderson, Nevada residence for sale for $4.9 million at the beginning of 2016. The six-bedroom, eight-bathroom house was constructed in 2004 and is situated in the gated neighborhood of Terracina. The couple put their 10,000-square-foot home in Carlsbad, California, on the market for $26.95 million in September 2020.
The five-bedroom, nine-bathroom waterfront estate was constructed in 2007 and sits on 1.5 acres. After their neighboring 21,000-square-foot Rancho Santa Fe property failed to sell for its $20 million asking price in 2013, Billy and Susan decided to put it up for auction in 2014. The house eventually sold at auction for $13 million.