EVEN THE GREATEST gambler of all time doesn't always win -- but he doesn't have to. Walters didn't inform Goodman in advance, but he told him after the fact, according to John L. Smith, who wrote a biography on Goodman. Walters's personal story is nothing less than a modern-day Horatio Alger tale come true. As Walters told an audience recently in Las Vegas about that experience, I was shocked and never expected to be there.. So Rubalcada spent day after day in the dimly lit sportsbook, waiting to hear from a guy nicknamed Wolf, whose urgent messages would arrive shortly before kickoff or tip-off. In 1965, Walters went to work as a salesman at McMackin Auto Sales, a used-car lot in Louisville. Last spring his name appeared in headlines next to those of pro golfer Phil Mickelson -- a friend and occasional golf partner -- and billionaire investor Carl Icahn as targets of a federal insider-trading investigation. In 2011, Walters claimed he could make between $50 to $60 million on a good year. Eventually, he grew to understand one of Walters' keys to success: Some of his bets were intentional losers, designed to manipulate the bookmakers' odds. He started placing bets as a young boy and lost all his savings -- $75 -- betting on the New York Yankees against the Brooklyn Dodgers in the '55 World Series. [2], In 1987, Walters stopped all gambling other than sports betting and returned to his roots in business. Lexington, KY - William 'Billy' Walters, a famed Las Vegas bettor and chairman of the company that recently acquired the Glenn Auto Group, is facing FBI and SEC scrutiny for alleged insider trading involving billionaire and Wall Street raider Carl Icahn and superstar golfer Phil Mickelson according to a report Walters rebuffs that first appeared He was sentenced in August to 18 months in prison after pleading guilty in March. His friends, family and the people closest to him say you know the coach -- not the man. She worked two jobs cleaning houses and washing dishes while raising seven children. by Kevin Van Valkenburg, His friends, family and the people closest to him say you know the coach -- not the man. [3] In 2014, his net worth was estimated at more than $100 million. "He was acting like it was all his money.". Walters was a key member of the group's operations, Assistant U.S. Attorney Eric Johnson says: "[He] was responsible for getting the bets out. William T. Walters is a living legend in Las Vegas and among sports bettors worldwide. Walters is a successful entrepreneur whose ventures include golf courses, auto dealerships and car-rental agencies. Wes Welker became one of the most dominant receivers of his era because of an unfailing belief in his abilities. If Walters is never prosecuted, the investigation would join a long list of occasions on which authorities have tried and failed to bring him down. I said '1.' But multiple sources estimate that only a small fraction of Walters' bets are actually placed there. Walters eventually moved to Las Vegas, where he revolutionized sports betting as a member of the famed Computer Group, the first syndicate to apply sophisticated algorithms and data analysis to sports gambling. [15] On October 7, 2019, the U.S. Supreme Court refused to hear Walters's appeal. His holding firm owned eight auto dealerships, one of which was under development, one golf course on the Las Vegas Strip, a rental-car franchise, and a variety of commercial assets as of 2016. . Walters had similar arrangements with others who handicapped NFL, NBA and college basketball games. Walters is a prominent sports bettor and already owns dealerships in California and others states. Model. According to Jack Sheehan, a longtime Vegas pal, Walters fancies himself an across-the-board genius whose business acumen stretches far beyond betting. Additionally, documents detail a wire transfer of $970,000 -- suspected by authorities at the time of being "illegal gaming winnings" -- into Walters' Las Vegas bank account through banks in Montreal, London and New York. And like a ghost, Walters seemingly can't be touched. "They had one of the biggest law firms in the city set up their entire corporation and their books," says Brian Rutledge, Clark County's chief deputy district attorney. At the time, Las Vegas golf courses had become so expensive that they were out of reach for many of the citys residents. Another myth about professional gambling is that every big bet is made in Vegas. Raised by his grandmother amid extreme poverty in rural Kentucky, Walters became an accomplished pool hustler by the age of nine. A 1996 raid on Walters' office found more than 40 telephones, from which authorities said more than 12,000 long-distance calls a month were placed to illegal bookmakers in the U.S., Canada, Central America and the Caribbean. His assets include a number of golf courses and car dealerships, as well as a four-bedroom Billy Walters' house in Henderson, Nevada. ISSN 0005-1551 (print) Unfortunately, David wasn't successful in what he did, and I discontinued the relationship.". Some he bets offshore. Walters and his Computer Group colleagues are acquitted of conspiracy and illegal transmission of wagering information. He also hosted charity events and helped establish the Northern Nevada chapter of the First Tee, a non-profit youth organization that provides educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf. Another call ends with a referral to his attorney. After arriving in Vegas, Walters connected with the people who would help him turn his gambling habit into a career. From that experience Walters was determined to make a commitment to make sure that people in prison got that second chance. [6] Walters also captured the 1986 Super Bowl of Poker, (also known as Amarillo Slim's Super Bowl of Poker or SBOP) in Lake Tahoe earning $175,000. In the first eleven months of 2022, Americans wagered $83 billion legally on sportsan increase of 65 percent from 2021,according to the American Gaming Association. Eventually, he started his own business, Taylor Boulevard Auto Sales. His message was also a challenge to those who want to be a part of the program. Favorites 0 History 0 Compare 0. William T. Waltersis a living legend in Las Vegas and among sports bettors worldwide. [5], Walters credits his grandmother, a devout Baptist, with instilling a strong work ethic. "When I was first introduced to [Walters], he told me, 'This is the first and the last time you'll ever see me,'" Rubalcada says. "Why don't we regulate it? U.S. With an unmatched winning streak of thirty-six consecutive years betting on sports, Walters has placed. Walters, according to interviews, is both kind and a bully, charming and scheming. Federal agents stopped him before he could leave the bustling McCarran airport terminal and began pressing him to turn over the money, which they suspected was earned illegally. Haig: Buy-Sell Q&A: What is the value of an M&A advisor? He says, 'I put $250,000 on Old Dominion tonight, and nobody knows about it. LAS VEGAS, Jan. 20, 2021 /PRNewswire/ -- William "Billy'' T. Walters, the retired professional sports bettor and businessman, expressed gratitude to President Donald Trump for granting him. William T. Walters (born July 15, 1946)[1] is an American entrepreneur, philanthropist, and the most successful American sports bettor of all time, having a winning streak which extended for over 30 years. Haig Partners: How are dealerships being valued today? As of , his holding company owned interests in eight car dealerships with one under construction . William Thurman Walters was born July 15, 1946, in the small town of Munfordville, Kentucky, where his grandmother raised him in a house with no running water or indoor plumbing. Walters left the industry to move to Las Vegas to focus on sports betting. Concentrix: How can customer data drive a better automotive CX? While many former associates fear speaking openly about Walters' business, Mastronardo says he has little to be afraid of. In 1981, he left the automobile industry to become a full-time sports bettor and bookmaker. His mother, who was an alcoholic, walked out on her family shortly after his fathers death, when Mr. Walters was an infant. George said the meeting would take place only if Walters did not inform his attorney, Oscar Goodman, who had become famous for representing mobsters and would later be elected mayor of Las Vegas. "I also hope this sends a strong message to law enforcement to refrain from illegal misconduct in pursuing their targets.". As of 2016, his holding company owned interests in eight car dealerships with one under construction, one golf course on the Las Vegas Strip, a rental-car franchise, and a number of commercial properties. Billy's art was to keep that game close to 7 and bet as much as you can without the world finding out about it. "If you were to take away the office pools, fantasy pools, people betting on sports, I guarantee the [TV] viewership would be cut in less than half. Why don't we keep the bad guys out? As of , his holding company owned interests in eight car dealerships with one under construction, one golf course on the Las Vegas Strip, a rental-car. Two months ago, legendary gambler Billy Walters was indicted along with Dean Foods chairman Thomas Davis for insider trading. From these humble beginnings, Billy Walters went on to become a legendary sports gambler, champion poker player, and chief executive of a business empire with investments in real estate, luxury golf courses, car dealerships, and a wide range of startups and other industries. OOYYO rating - see more Download Android application Car price comparison engine. ESPN declines the offer. [1], In April 2017, Walters was found guilty of insider trading after using non-public information from Thomas C. Davis, a board member of Dean Foods. Walters is a prominent sports bettor and already owns dealerships in California and others states. Rubalcada eventually pleaded guilty to two felony theft counts and last March was sentenced to three years' probation and ordered to make restitution of $364,634. The case is ongoing. Walters became a leader in the church youth group, ultimately reaching the level of Ambassador Exemplary. The resulting program helped cement Walters national reputation as an astute bettor and an even more generous philanthropist. by Dana O'Neil, Lester Cotton is 6-4 and 328 pounds, which is good because he will be carrying the hopes and dreams of thousands with him next fall when he plays for Nick Saban. But any day now, he will settle into a federal prison for a nine-month stay, the price for pleading guilty last year to illegal gambling and racketeering charges in connection with his post-Walters operation. Now, he is using his experience as a federal prisoner to change the lives of those leaving prison and returning to society by donating to HOPE For Prisoners. Walters, who built an estimated fortune of about $500 million (including his golf courses, auto dealerships and car-rental agencies) almost exclusively from his career as a professional. 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ON A MID-SEPTEMBER night, Ezekiel Rubalcada swaggers through the doors of Las Vegas' M Resort Spa Casino. Outraged, the attorney filed a motion to dismiss the case. He quit booking and the charge was later expunged from his record. Sign up and get the best of Automotive News delivered straight to your email inbox, free of charge. The White House stating, In addition to his established reputation in the sports and gaming industry, Mr. Walters is well known for his philanthropic efforts and was previously named Las Vegas Philanthropist of the Year.. [19], Walters is a noted philanthropist and has donated to Opportunity Village, a Las Vegas nonprofit for people with intellectual disabilities. Walters Team has been providing dealerships, many resources mentioned, and it . Walters was inexperienced, but Mindlin was impressed with his moxie and recommended his hiring to Kent in 1983. You can unsubscribe at any time through links in these emails. The vast Walters network also includes a guy on the East Coast known as The Reader, who scans local newspapers, websites, blogs and Twitter for revealing tidbits or injury updates. At age seven, Billy Walters launched his first business when his grandmother, who worked full-time cleaning homes and at a restaurant, helped him secure a $40 loan from the local bank so that he could purchase a lawnmower. When typing in this field, a list of search results will appear and be automatically updated as you type. Now in exile, will he get a shot to build a third? Walters was a losing gambler as late as 1982. Walters built a golf course in a rundown part of Las Vegas as part of a city revitalization effort. Purdum: Silver's stand on gambling | Video. "And he has a work ethic that is just ridiculous. Walters has outrun them all. ", Football savant SCOT McCLOUGHAN helped build two Super Bowl champions. As of 2016, the company owned 18 new-vehicle dealerships across Kentucky, California and Georgia; two golf courses in Las Vegas; and other holdings. Walterslater applied his data expertise to stock trading and built a business empire that included seven golf courses, twenty-two automobile dealerships, and a string of other investments. Walters might bet $50,000 on a team giving 3 points, then $75,000 more on the same team when the line reaches 3.5. Walters says sports betting now occupies less than 7 percent of his time. Walters' statement said he has filed a lawsuit in federal court in New York against those officials. In the fall, his legal woes escalated when he was jailed for violating the terms of his probation, which included random drug testing and prohibitions on alcohol use and gambling. 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He has boasted that he has suffered only one losing season in 39 years, and past criminal investigations provide a snapshot of his success. It was then that he decided to move with his wife, Susan, to Las Vegas, where opportunity beckoned and betting on sports was legal. Rubalcada, in his position as a runner, didn't know the details of how any bets came together. For other people named William Walters, see, United States Attorney for the Southern District of New York, "Taste for Risk Fueled Career of Bettor Billy Walters, Now in Trading Probe", "Meet the world's most successful gambler", "Billy Walters: Done gambling, still dealing", "Famed Vegas gambler released from prison in COVID-19 program", "Billy walters on his conviction, gambling -- and ex-friend Lefty", "Billy Walters and the Story of the Computer Group", "Democrats' impeachment lawyer cut his teeth prosecuting mobsters, Wall Street cheats", "William T. Walters, Famed Sports Bettor, Is Guilty in Insider Trading Case", "Las Vegas gambler Walters gets 5 years in prison, $10M fine", "Gambler Billy Walters sentenced to 5 years in 'amateurishly simple' insider-tradingscheme", "Vegas Gambler Billy Walters Gets 5 Years for Insider Trading", "Las Vegas gambler Walters loses insider trading appeal", "U.S. Supreme Court rejects insider trading appeal by Las Vegas gambler", "Statement from the Press Secretary Regarding Executive Grants of Clemency", "Billy Walters - A Legend In Sports Betting History", "Opportunity Village receives $1M matching donation offer from notable philanthropists", "Association of Fundraising Professionals Las Vegas", "Las Vegas Philanthropists of the Year in 1997", "Meet Billy Walters: The Pro Gambler Donating $1M to Harry Reid Airport Rebrand", "Pro gambler Billy Walters says he'll donate $1 million to Harry Reid airport rebranding", https://en.wikipedia.org/w/index.php?title=Billy_Walters_(gambler)&oldid=1137126057, Recipients of American presidential clemency, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 February 2023, at 23:12. He was part of possible trading investigations earlier this year into golfer Phil Mickelson and . FEW PEOPLE HAVE experienced the many facets of Walters' personality as intimately as John Mastronardo, a convicted gambler and the younger brother of one of the country's biggest bookies. car dealerships and a private jet, according to "60 Minutes." He repaid the loan within two years and graduated to his next business venture. Walters was sentenced to 5 years in prison and fined $10 million. "Very little happens here," one source familiar with Walters' operation says of the group's Vegas-based gambling. Walters placed his first sizeable bet at age 10 against a local grocer for $125 on a World Series game between the New York Yankees and the Brooklyn Dodgers. Autoankauf Leipzig (Car dealer) is located in Saxony, Germany. Detroit, Michigan "He's like Tiger Woods in his prime. If I don't get the money, it means I didn't receive the money. from 8 AM - 9 PM ET. State agents raid Walters' Sierra Sports Consulting. The collective's gamblers, handicappers and investors began earning millions. That is the way it is.". Separately, he became an acclaimed poker player, winning the No Limit Hold Em tournament at the 1986 Super Bowl of Poker. Walters continues to deny any wrongdoing and has appealed his case to the U.S. Supreme Court. He bet on the Yankees, and they lost. An example of Billy Walters character: When his mother contracted emphysema in later years, Walters paid her bills and ensured she was comfortable at the end of her life, despite the abuse he endured from her as a child. Walters says. Working as a car dealer helped Walters move out of the impoverished town of Munfordville, KY and into the Louisville area, where he eventually . There he worked two jobs, one in the morning at a bakery and the second at a gas station in the evenings. He had lost $50,000 by the time he was 22. "What people don't understand is that the difference between winning 53 percent and 55 percent is like swimming the Atlantic Ocean. His winning streak as a sports bettor lasted over 30 years. "So after a while he knows what this type of game from this guy is worth. Walters Group has been selling dealerships, several sources said, and it's unclear whether the company still owns stores. Walters moved to Louisville to live with his mother and her new husband and their stepchildren. "He says, 'What did that Old Dominion game open at?' Many politicians, investigators and prosecutors asked that their name not be used in this story, lest Walters tie them up in a lawsuit they can't afford to fight. After Rubalcada was arrested, one of Walters' attorneys visited the county prosecutor's office -- without prodding -- armed with records detailing how the gambling operation was set up legitimately through a limited liability corporation. "I do know John Mastronardo. The reply from Walters was matter-of-fact: "Tell John good luck. You can readmore here. Walters was known to have lost $1 million at least twice at the Las Vegas blackjack tables. Rubalcada would instantly punch in bets on an M Resort tablet linked to his account. Though he has finished in the red for a few months, he was always in the black by the end of the year. InGambler, Walters shares the inside story of his own prosecution and reveals explosive details about his six-year gambling relationship with Mickelson. He was, M Resort staffers say, one of the sportsbook's "bigger guys" -- a high roller who could afford to bet very, very big. He went on to become a sales manager at Stevens Brothers Auto Sales. "I may not do this anymore.". On January 20, 2021 Walters was granted a presidential commutation. William "Billy" Walters is CEO of The Walters Group and was once a world-renowned sports bettor. 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