Jan

17

"I've been swindled out of quite a bit quite a bit of money on the stock market. And I bought a lot of Enron stock once. And I got swindled. I bought a lotta WorldCom stock, got swindled. I bought a lotta Tyco stock. I got swindled," he told Logan.

His disdain for Wall Street is one of the reasons Walters decided to talk to "60 Minutes" - a chance he says to make the point that the gambling world is not as shady as most people think.

"I ran into a lotta bad guys, a lotta thieves. I mean, they'd steal the Lord's Supper. But I can tell ya, percentage-wise, I ran into many more with suits and ties on than I have with the gamblers," he told Logan.

"So you would say that the hustler from Vegas got hustled by Wall Street?" Logan asked.

"There's no doubt about it," Walters replied.

Read the full article here.

Pitt T. Maner III writes: 

It was interesting how Walters as a "whale" or "great white" was able to push the sports book line on games by initially placing bets on the team he intended to bet against. I would think it would take more than a couple of 100,000 dollars to do the same in the stock market where the competition is more fierce and pockets much deeper.

It seems that the early games in college season often have very large spreads and might be more exploitable for professionals until the actual strengths of the teams are determined. Someone who has scouted all the preseason practices and knows more than the average bettor will likely have an advantage especially at the start of a season and the lines become more accurate.
 


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  1. Mark Johnson on January 17, 2011 3:21 pm

    He has done pretty well. He was at one time a busted used car salesman from Kentucky.
    From the late Frank rosenthal

    “LINEBUSTERS: A quintessential bunch of gaming lifer’s with a built in genetic abundance of self-masochism. They prepare and stalk the enemy with dedication and resolve, seldom wavering from their subjective convictions that their numbers/odds are superior to the National-line. They are in fact the originators. Linebusters, tight lipped, extremely well versed, and willing to wager whenever a favorable opportunity presents itself. They are the elite of the Sports Wagering Industry, and you’ll not find one who maintains a conventional job. They move lines, big-time. Over the years they’ve grown in numbers, and with their advanced proprietary computer programs they generally succeed by offsetting the Bookmakers edge/juice. They also portray one common syndrome. A sense of Godliness; expecting to be canonized. Until recently the PhD’s in this underground Fraternity could only be found in North America. Today, they span the Globe with no boundaries, ranging in varying degrees of success. Most notable of all are the Computer Group. An international consortium led by Billy Walters, a former used-car salesman from Kentucky, who migrated to Las Vegas in 1980, and caught lighting in the bottle when he hooked up with Michael Kent, a 34-year old ultra brilliant mathematician who helped develop Nuclear Submarines for Westinghouse. The Walters Network, perhaps in excess of several hundred has enjoyed unparalleled success over the past two decades, tattooing bookmakers from Coast to Coast, and beyond! Billy Walters, # 1 Linebuster, with more magic than Siegfried & Roe, and an assortment of curveballs, sliders, and knuckleballs to the envy of any Hall-of-Famer! Fans and “beards” describe Walters as humble, but the perception of humility belies a professional bravado that others would claim.”

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