Billy Walters

Billy Walters Profile Summary

Billy Walters' Net Worth in 2024: $200 Million

Bill Walters is an American businessman, and former car salesman and sports bettor. He is widely regarded as a master of sports betting, having been named the most successful sports bettor of all time by ESPN. In what is one of the most successful rags to riches stories in sports betting history, he was born in poverty and build wealth through his ability to sell cars and keen salesmanship. He was involved in a controversial case of insider trading that saw him spend some time in jail before his sentence was commuted by Donald Trump. He no longer gambles, but his legacy is unscathed.

Every successful bettor has been through monumental failures to getting there

What Does Billy Walters Do?

Currently, Billy Walters is mostly dedicating his time to be a businessman and philanthropist, but he has proven to be one of the most successful sports bettors of all time. He started betting on sports long before it was legal all over the US – and years before companies like FanDuel could advertise in live television. He is famous for his 36-year winning streak, one of the longest in the sports betting industry.

Walters was known as a market mover during his most successful betting streak. He would place bets on a certain outcome and all of his follower would do the same, causing the line to climb, and then he would bet on a different outcome later in the day.

He faced legal issues in 2017 and was convicted for insider trading, in a move that allegedly made him earn $32 million. He ended up paying over $40 million to the government and was sentenced to home confinement during the pandemic. His 36-year winning streak ended there, as he started preparing for his trial.

How Did Billy Walters Get Rich?

Billy Walters started earning serious money during his time working as a car salesman in Kentucky, where he lived for most of his early life. He took his first job when he was in high school in an effort to support himself and his family, and he was so successful that he ended up being poached by a rival dealership and eventually started his own dealership himself. He worked as a car salesman from 1965 to 1981. He was making $56,000 per month just by selling cars.

During his time as a car salesman, he was also involved in bookmaking and sports betting. He wasn’t successful from the beginning. In fact, even if he was making serious money selling cars, he ended up with a $300,000 debt in 1982. He was arrested for bookmaking and decided to move with his wife, Susan, to Las Vegas.

In Vegas, he got to know The Computer Group, a company led by mathematician Mark Kent, which used to place bets. The company managed to win over $20 millionin one year, according to a Sports Illustrated story, before it got disbanded by the FBI. Then, Walters started his own group, a group in which Kent was involved.

That’s where he saw his biggest success. He would place $20 million in wagers across the world, in over 150 games, through different bookmakers – all while hiding his identity.

How Does Billy Walters Like to Gamble?

Walters gambles as carefully and strategically as no one else on the planet. Before a game, he’s locked up in his office with phones and computers, much more akin to a broker than a sports bettor. In fact, he rarely bets himself. He sends people to bet for him, while he does analytical work and tells his partners how to bet – and whom to bet for.

He mostly bets on the NBA and the NFL. In fact, during his most successful winning streak, he had a full team of analytics and experts on player injuries to help him make better decisions before games started. On an average Sunday, he would bet over $1 million on the NFL, expecting to make $2 million when they day was over.

What’s the Most He’s Ever Won Betting on Sports?

Walters famously went on a winning streak that went on for 30 years. He did lose bets during the time, but his balance was never negative. As he describes in an interview given to CBS, he could go on a losing streak for weeks or even a month, but he knew he was always going to make his money back – according to himself, that is.

He famously won $3.5 million after betting on the New Orlean Saints to win the Super Bowl XLIV, but he has wagered and won different sums of money throughout his betting career. He wagered over $1 billion during his 30-year “winning” streak.

How Does Billy Walters Spend His Money?

Billy Walters is the current CEO of The Walters Group, an investment company that has investments and holdings in gold courses (including one in the Las Vegas strip), real estate, car dealerships, startups, and a diversified repertoire of different companies from various businesses.

He is also involved in many philanthropic projects. He founded Opportunity Village, a non-profit organization that gives opportunities to people with intellectual disabilities through employment programs. He has also invested thousands of dollars to other organizations like the Nevada Cancer Institute, the Nevada State College, and multiple other organizations that are mostly located in Las Vegas.

As of the time of writing this bio, Walters is retired from the sports gambling world. However, in 2023, he published his memoir: Gambler: Secrets From a Life at Risk, a book where he talks about his sentence and issues he had with golfer and former friend Phil Mickelson, who didn’t testify in his trial. Most importantly, he shares his secrets on how to beat the house when betting on sports.

Gambling Stats

• Biggest Win: Billy Walters has had many iconic single-match big wins through the years. Apart from his bet on New Orelans that netted him a $3.5 million win, he also won $2.2 million in 2007 when he bet on the University of Southern California to beat the University of Michigan
• Biggest Loss: Although it is unclear what is his biggest loss, Walters has gone on record saying he used to be $300,000 in debt, even when making $56,000 per month.

From Car Salesman to Sports Betting Legend

Born in poverty and married before graduating high school, Billy Walters defied the odds to become a sports betting legend. He had to endure a very rough childhood with a mother that treated him poorly, but resilience seems to have been a key factor throughout his life – at least according to Walters himself.

If there is a lesson to be learned about Walters, is that even the most successful sports gambler of all time is set to experience losing streaks. A strategy, no matter how perfectly crafted it is, is due to fail from time to time.

However, overcoming adversity and focusing on building a clear plan will lay down the foundations of success – not only in gambling, but in many other aspects of life.