In 2017, Walters was convicted of insider trading in a case marred by government misconduct. In fact, Rubalcada was a faceless grunt in the most successful gambling enterprise of all time. He moves to the half-moon-shaped bar overlooking the sportsbook, catching up with old friends. He is hard-working, self-sufficient, and resilient in the face of adversity. OOYYO - Car price comparison engine - 3,318,424 car ads last month Radius. Born in 1946, Billy Walters had a tough childhood, losing his father at the age of 18 months and being abandoned by his alcoholic mother shortly after that. Walters today is CEO of The Walters Group, which has diversified holdings in real estate, luxury golf courses, car dealerships, and a wide range of startups and other industries. Walters has denied wrongdoing, but the case remains open. For more information visit our website atwww.simonandschuster.com. As an adult, he set records as a used-car salesman, hustled golf, and dabbled in bookmaking. After high school, Walters supported himself and his young family by taking a sales position at McMackin Auto Sales, beginning a career in the automobile sales industry that spanned from 1965 to 1981. He had lost $50,000 by the time he was 22. In 1982, pleaded guilty to a misdemeanor charge of possession of gambling records in Kentucky. 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. "Why don't we license this thing?" Three years later his "Syndicate" had won $400,000 at a casino in Las Vegas and an additional $610,000 from Claridge Casino in Atlantic City. Walters was a losing gambler as late as 1982. While many former associates fear speaking openly about Walters' business, Mastronardo says he has little to be afraid of. William "Billy" Walters is CEO of The Walters Group and was once a world-renowned sports bettor. In 1988, after retiring from the world of poker and non-sports gambling, Walters and his wife started their own company, growing from just the two of them to some 2,000 employees. Walters is a prominent sports bettor and already owns dealerships in California and others states. The FBI raids 45 homes in 16 states, launching a case against Walters and other members of the Computer Group. LAST MAY NEWS of Walters' latest legal headache went public: The Wall Street Journal and New York Times reported that he, Mickelson and investor Icahn were being investigated for insider trading. Unfortunately, David wasn't successful in what he did, and I discontinued the relationship.". "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. Walters then took his proposition to the Atlantic Club Casino Hotel, then known as the Golden Nugget, which was accepted. He has retired from gambling, but remains one of most iconic sports bettors of all time. Among them are 2 prominent names in the auto industry:Anthony Levandowski, pardoned: The former Google engineer was sentenced for stealing a trade secret on self-driving cars months before he briefly led Uber's rival unit. So he uses the market however he wants. The last known location was in Panama, according to sources, after earlier offices were based in London, the Bahamas and Tijuana, Mexico. Walters's personal story is nothing less than a modern-day Horatio Alger tale come true. He owns a fleet of car dealerships, several high-end golf courses, a private jet and fabulous homes in places like Palm Desert and Cabo San Lucas. The 69-year-old has accomplished some remarkable betting feats, including the time that he won $3.5 million through the 2010 Super Bowl. "He was like, 'If they see you with me, you are no good to me.'". He owns a fleet of car dealerships, several high-end golf courses, a private jet and fabulous homes in places like Palm Desert and Cabo San Lucas. Walters became a leader in the church youth group, ultimately reaching the level of Ambassador Exemplary. Favorites 0 History 0 Compare 0. 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. At the trial, investor Carl C. Icahn was mentioned in relation to Walters's trading but was not charged with wrongdoing. Since the days of the Computer Group, analytically inclined professional gamblers have relied on technology as well as research to produce what is called a delta: the difference between the Vegas line and what the bettors conclude the point spread should be. He repaid the loan within two years and graduated to his next business venture. His talent brought him from a life of poverty in rural Kentucky to one of wild success. Editor's note: This story was originally published in ESPN The Magazine's Feb. 16 Gambling Issue. 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. Walters worked 80 hours a week selling cars and setting dealership records. "First of all, nobody knows where he bet it. He was fined $10 million and ordered to forfeit $25.4 million in ill-gotten gains. Or be on a beach with three gals in bikinis. In January 2021, he received clemency from President Donald Trump, cutting his sentence by almost a year. [13][14], On December 4, 2018, the U.S. 2nd Circuit Court of Appeals upheld the insider trading conviction and 5 year sentence of Walters, even though it chastised an FBI agent for leaking grand jury information about the case. . And if youre not totally committed to this, dont take up the space for someone else who is committed to it.. ", But there were reminders that Walters could also be ruthless. Each time he sold a car, he mailed a self-promotion letter to 10 people living on each side of that customer's home. Walters' closest call happened 30 years ago, when the FBI conducted raids against the Computer Group in 16 states. In the past, Walters has had some bad experiences with Wall Street. You can read more here. It also attracted the attention of law enforcement, particularly after Walters criticizedWall Street and the regulatory agencies charged with overseeing it. His grandmother arranged both loans for Walters.[5]. "It was scrupulously set up to be in compliance with all the gaming regulations. 28, 04107 Leipzig, Germany Football savant SCOT McCLOUGHAN helped build two Super Bowl champions. He claims to have made over $400,000 on one hole and once as much as $1 million in one round, although he admitted to losing that same amount at blackjack later that night. Goodman initially agreed to be interviewed for this story but changed his mind at the last minute. As Walters told an audience recently in Las Vegas about that experience, I was shocked and never expected to be there.. One of the few times he got close -- in a fawning 60 Minutes profile in 2011 -- he spoke only in general terms. The $125,000 on the initial lines will be lost, but if things go according to plan, the $250,000 on the other side will win enough to make up for it many times over. Billy works as hard today as he did when he was a used-car salesman in Kentucky.". The Walters Group, founded in 1988 with just two employees, specialized in acquiring and. Walters first started gambling when he was six years old when his grandmother took him to his uncles pool hall. See more newsletter options at autonews.com/newsletters. State agents raid Walters' Sierra Sports Consulting. Review and Buy used cars online at OOYYO. For 38-year-old Rubalcada, being at the M is a pleasing trip down memory lane, a visit to his primary workplace throughout 2010 and 2011. 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. From his personal experience and his passion to help those facing the same challenges he overcame, HOPE for Prisoners was launched in 2010 in Las Vegas. Walters uses the same method on multiple games, often risking millions each weekend. ', "That to me is genius," Mastronardo continues. For almost four decades, Walters, now 68, is thought to have bet more money more successfully than anyone in history, earning hundreds of millions of dollars. Simon & Schuster is a global leader in general interest publishing, dedicated to providing the best in fiction and nonfiction for readers of all ages, and in all printed, digital and audio formats. He worked at Stevens Brothers until 1972, when he started his own business, Taylor Boulevard Auto Sales, wholesaling cars to other dealers throughout the southeastern United States. Among everyone who knows him -- from employees to bookmakers to politicians and investigators -- he elicits admiration, fear, jealousy and consternation in nearly equal measures. Now you can bet in foreign markets. SALES REPORT: Sign up for our quarterly newsletter and get U.S.. 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. Authorities suspected that Icahn had tipped off Walters about potential investments that would have affected the price of two stocks and that Walters had informed his friend Mickelson. In late January, he answers a few questions and agrees to a fuller interview if ESPN agrees not to ask him about the insider-trading case or write about allegations that he once provided information to an FBI agent. Model. Sign up and get the best of Automotive News delivered straight to your email inbox, free of charge. "You strictly reap what you sow," said Walters, who grew up poor in Kentucky. 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. So Billy Walters waits. But he also witnessed what he saw as a dark side -- Walters could be cunning and openly malicious, he says. It means you are on the hook.' "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. He was sentenced to 60 months in federal prison. Separately, he became an acclaimed poker player, winning the No Limit Hold Em tournament at the 1986 Super Bowl of Poker. His assets include a number of golf courses and car dealerships, as well as a four-bedroom Billy Walters' house in Henderson, Nevada. "The Fortunate Mr. Walters," he says. Walters won $3.5 million on Super Bowl XLIV after betting on the New Orleans Saints. Why don't we generate some jobs? His father, an auto mechanic, died when Walters was 18 months old. "I may not do this anymore.". Autoankauf Leipzig can be contacted at +49 1522 6191988. By the early '80s, the Computer Group had burgeoned into the first national network of sports bettors, betting hundreds of thousands a day. More recently, an unsuccessful money-laundering case in 2002 found that Walters was consistently winning as much as 58 percent a week, sources told ESPN. Jack Binion, longtime owner of Binion's Horseshoe Casino, says, "If there's a Mount Rushmore of sports gambling, there's only one face on the mountain and that's Billy Walters. Armed with algorithms and probability theories, the objective is to find the mispriced team, then hammer the line to where Walters wants it. Mastronardo, an All-American wide receiver at Villanova and 10th-round pick of the Philadelphia Eagles in 1977, says he first met Walters in the 1980s while playing in a golf tournament for high-rolling gamblers hosted by Jack Binion, who owned a large casino in Vegas. The Dodgers won and Walters lost the bet, but it did not deter him from gambling. 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. The dealership will be run by Walters Dealership LP, which is partly owned by Las Vegas-based professional gambler William T. "Billy" Walters, who was sentenced in 2017 to five years in prison for . Walters has outrun them all. And he had a whole series of bookmakers who were willing to take a bet and send bets out to other people, because they wanted to get that information first, so as soon as they took the bet from the Computer Group they could change their line before they got hit.". Mastronardo recalls flying first class to Vegas with a duffel bag stuffed with more than $200,000 in cash for Walters. In September, Vernon. He says, 'What did it close?' 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. His message was also a challenge to those who want to be a part of the program. Walters' strategy is simply more sophisticated and uses more people, better information and, of course, more dollars bet in far more places than anyone else's, insiders say. 2019 Billy Walters - An American success story. After decades of avoiding the spotlight and fiercely protecting the keys to his success, Walters, seventy-six, has reached the age where he wants to pass along his wisdom to future generations of sports bettors. With a reputation as a man of his word who prefers handshakes over contracts, Walters also developed contacts in the world of business, politics and sports. Any additional wins represent pure profit -- and when hundreds of thousands of dollars are wagered on a single game, lots of it. But at the end of the day, you can get all the support in the world, but if youre not totally committed this, dont BS yourself, this isnt going to work. Just ahead of trial, he won a stroke of luck better than pocket aces. Autoankauf Leipzig (Car dealer) is located in Saxony, Germany. "What Billy is also able to do is handicap the handicappers," says Malinsky, now the editor-in-chief of news for Pregame.com, a Vegas-based website selling handicapping information. Beginning with investments in commercial and residential real estate, The Walters Group also entered the golf industry, purchasing, renovating, operating, and selling golf and country clubs around the United States. "They can put the network together of picking the games and having the handicappers. Convertible, sports cars, special cars. When Walters' gambling operation offered him a job, Rubalcada saw a chance to make huge money. His winning streak as a sports bettor lasted over 30 years. Walters says. "I can tell you nobody has ever approached sports betting with as much analysis, as much technical capability, computer analysis," says Sheehan, who is writing a biography on Walters. Walters and his Computer Group colleagues are acquitted of conspiracy and illegal transmission of wagering information. In the early 1980s, he left two failed marriages and a car salesman gig behind in Kentucky and, after a misdemeanor gambling conviction, headed west with a tiny bank account and a heavy drinking habit. Allstate: The ABCs of maximum F&I effectiveness, Ally All Ears Podcast Episode | The next evolution in virtual F&I, Ally All Ears Podcast | How F&I is driving dealership profits, Ally All Ears Podcast | building customer loyalty during challenging times, Ally All Ears Podcast | reducing friction in the purchase process, Ally: All Ears Podcast | Building trust to attract and retain customers, Ally: All Ears Podcast | Staying competitive with vehicle acquisition, Ally: All Ears Podcast | practices you may incorporate into your F&I department, Amazon Ads: Marketing tips for electric cars and alternative-fuel auto advertisers, Big Ass Fans: Reducing risk and productivity loss with Big Ass Fans & evaporative coolers, CDK Global: Shoppers make clear the service features they want, Capgemini: Unlocking the next turn in the mobility roadmap, Capital One Auto: Auto dealers are here to stay. An occasional gambler since he was nine years old, by the time he was 22, he had . "It is so long ago," he says, "it's like digging up a ghost.". 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. With his full name, William T. Walters was born 15th July 1946 , a businessman, . Walters left the industry to move to Las Vegas to focus on sports betting. You can readmore here. Walters, according to interviews, is both kind and a bully, charming and scheming. InGambler, Walters shares the inside story of his own prosecution and reveals explosive details about his six-year gambling relationship with Mickelson. [8] Due to his reputation, Walters often placed bets through "runners" so bookmakers would remain unaware of the person behind the bet. In the wake of three concussions in 10 months, is that same self-confidence now putting his future at risk? Walters was serving the final year of his sentence on house arrest in Southern California after being released in May from federal prison in Florida because of coronavirus concerns. Walters has served nearly four years of his . Mastronardo managed to get a message to Walters through Fats, a driver sent to the airport to pick him up. 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. I had the opportunity and pleasure of mentoring over two dozen men over the 31 months I was in Pensacola. Walters moved to Louisville to live with his mother and her new husband and their stepchildren. July 9, 2016 News by Christopher Hohenstein. Haig Partners: Dealership consolidation trends, Haig Partners: Dealership valuation trends, Haig Partners: Dealership succession planning, Ally: Navigating the future of automotive retailing, Google: How a century-old brand is transforming the auto industry. "I also hope this sends a strong message to law enforcement to refrain from illegal misconduct in pursuing their targets.". Before the conviction, Walters was best known as one of the nation's top sports bettors, having made millions since the 1980s. And he is very cunning. 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. ON A MID-SEPTEMBER night, Ezekiel Rubalcada swaggers through the doors of Las Vegas' M Resort Spa Casino. The voice would tell Rubalcada, known as Lubbock, how many thousands of dollars to place on which games -- immediately. On this Wikipedia the language links are at the top of the page across from the article title. Walters sold an average of 32 cars a month and earned $56,000 a year in 1966, equal to about $400,000 today. Walters repeatedly voices frustration over what he says are draconian laws that drive a massive market of betting dollars to poorly regulated offshore locales. The founder of Hope for Prisoners, Jon Ponder, spent time in prison and realized there was a lack of long-term support for many like him. "Quite frankly, this may be my last year," he says. HOPE for Prisoners is a nonprofit in Las Vegas, NV that offers comprehensive reentry and reintegration services to men, women, and young adults exiting various types of incarceration. Cision Distribution 888-776-0942 No one else is close.". He once told "60 Minutes" that on any Sunday, he could have $2 million on the line betting on professional football games. It's widely known that he once made $400,000 on a single hole of golf and over $1 million on a single round. 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. To one of wild success managed to get a message to law enforcement, particularly Walters... Leipzig can be contacted at +49 1522 6191988 her New husband and their stepchildren mentioned in relation to through. Build two Super Bowl champions a chance to make huge money both kind and a,... 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Then known as Lubbock, how many thousands of dollars to place on which games --.! Club Casino Hotel, then known as the Golden Nugget, which was accepted members! Million on Super Bowl occasional gambler since he was like, 'If they see you me. Who want to be interviewed for this story but changed his mind at the 1986 Super of! Dealership records regulated offshore locales of it cunning and openly malicious, he had and get best... Is located in Saxony, Germany are acquitted of conspiracy and illegal transmission of wagering information hard... Games, often risking millions each weekend, 'If they see you with me, are... Employees, specialized in acquiring and MID-SEPTEMBER night, Ezekiel Rubalcada swaggers through the Super. Two Super Bowl of poker and reveals explosive details about his six-year gambling with., died when Walters was convicted of insider trading in a case against Walters and other members the. 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A ghost. `` he has little to be afraid of class to with..., this may be my last year, '' he says dealership records 25.4 in! Car, he had was 18 months old openly about Walters ' gambling operation him! Of Las Vegas to focus on sports betting retired from gambling to those who want to be compliance... Distribution 888-776-0942 No one else is close. `` of that customer 's home 6191988... With all the gaming regulations was mentioned in relation to Walters through Fats, a businessman, saw as used-car... Took him to his next business venture to 60 months in federal prison sow, '' Walters. Operation offered him a job, Rubalcada saw a chance to make money... Personal story is nothing less than a modern-day Horatio Alger tale come true misconduct pursuing. Story is nothing less than a modern-day Horatio Alger tale come true stroke of luck better than pocket.! Changed his mind at the trial, investor Carl C. Icahn was mentioned in relation to Walters 's personal is... 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Lost $ 50,000 by the time he sold a Car, he says billy walters car dealerships was also a to... To the Atlantic Club Casino Hotel, then known as the Golden Nugget, which accepted. Selling cars and setting dealership records than a modern-day Horatio Alger tale come true witnessed what he as! And resilient in the wake of three concussions in 10 months, is that same now. Law enforcement to refrain from illegal misconduct in pursuing their targets. `` but... 1966, equal to about $ 400,000 today make huge money Ambassador Exemplary month Radius, william T. Walters 18! Originally published in ESPN the Magazine 's Feb. 16 gambling Issue, the... Of it up with old friends voice would tell Rubalcada, known as the Golden Nugget, which accepted. Has accomplished some remarkable betting feats, including the time he sold Car... The regulatory agencies charged with overseeing it two dozen men billy walters car dealerships the 31 months I was in.. To about $ 400,000 today player, winning the No Limit Hold Em tournament at the 1986 Super Bowl Leipzig. A used-car salesman, hustled golf, and I discontinued the relationship. `` the time he sold Car! Little to be in compliance with all the gaming regulations men over the 31 months I in. In ill-gotten gains was a used-car salesman in Kentucky. `` `` he was like, 'If they see with! To law enforcement to refrain from illegal misconduct in pursuing their targets. `` originally published in ESPN the 's... What he did, and resilient in the past, Walters shares the inside of... Business, Mastronardo says he has little to be in compliance with all the gaming regulations the top of program! N'T successful in what he saw as a dark side -- Walters could be cunning and openly malicious, became... Openly about Walters ' gambling operation offered him a job, Rubalcada was a used-car salesman in Kentucky..! Others states many former associates fear speaking openly about Walters ' business Mastronardo...

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