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Billy Walters, Legendary Sports Gambler, Arrested in Vegas

Discussion in 'General Vegas Talk' started by thefish2010, May 24, 2016.

  1. thefish2010

    thefish2010
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    The story is
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    . Basically, Billy Walters, one of the most successful sports bettors on earth, was paying a friend for inside information on a publicly traded company and made $32 million on resulting trades. Phil Mickelson is involved in this too. Apparently he owed Billy Walters a $1 million gambling debt, and Walters called him up one day and gave him one of the insider tips. Phil made $1 million on the trade and used that money to pay his debt to Walters. Mickelson wasn't criminally indicted, but was sued in civil court by the SEC and is forfeiting the money he made.

    It's a big mess.
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    is a pretty interesting write up on Walters, and here is a 60 Minutes piece on him:

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    #1 May 24, 2016
    Last edited: May 24, 2016
  2. Malibugolfer

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    As you probably know fish, Nevada and the Feds have been doing an ongoing proctology exam of Billy for years.
    His golf hustling legend is well justified. Likewise his poker before he went so into sports.
    I always wondered how he could have such semi-continuous big time success with sports.
    Phil, of course, is a huge player.
    Really a crazy, but not altogether surprising story.
     
    • Agree Agree x 1
  3. Broncofn

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    Saw that segment awhile ago but didn't know about the other issues. Regardless of everything, he is the best sports investor in the world. This is a guy that truely moves lines on a single bet. Just getting harder for him. Surprised he gets any action in at all, even online.
     
  4. ken2v

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    And he builds such wonderful golf courses.
     
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  5. VEGASBJ

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    I hear that he has a whole legion of runners around town placing his bets for him
     
  6. Broncofn

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    That is true but he has been cracked down on and even the runners have had problems placing wagers. He cannot go himself to bet either.

    Only so many unknowns that he can trust to do that for him with his own money. He is doing more online now but I'm sure it's a PIA to cash out for him If he is doing what I think he is doing.
     
  7. M_ILIS

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    Isn't the sarcasm font italicized, or is it bold? Regardless, I just booked Royal Links for my golf trip in a few weeks. I've never played it and found a great rate of $42.
     
  8. VEGASBJ

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    That is a good rate, but when we played the course was beyond crowded
     
  9. ken2v

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    Yep, great rate. Get a fore caddie for that?
     
  10. thefish2010

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    I've never understood the business of golf. There seem to be low end and high end courses. The lower end courses can't possibly make enough money to justify the land investment, much less the maintenance (for example, at $42/round). Then you have courses that are $500+/round, but those simply can't be doing enough volume to justify the investment and upkeep either (with the possible exception of country club courses with 5/6 figure annual dues for each member).

    Casinos can perhaps justify owning them if they bring in enough big players - Shadow Creek was probably a reasonable investment. But I just don't see how privately owned courses provide a reasonable ROI for their owners.
     
    #10 May 25, 2016
    Last edited: May 25, 2016

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