Billy Walters (gambler)

William T. Walters (born July 15, 1946) is an American entrepreneur, philanthropist, New York Times best-selling author, and one of the most successful American sports bettors of all time, having a winning streak which extended over 30 years.

Walters was convicted of insider trading and received a 5-year prison sentence, later commuted.

Walters started gambling when he was 9 years old, when he bet the money he earned from his paper route on the New York Yankees to beat the Brooklyn Dodgers in the 1955 World Series.

The Dodgers won and Walters lost the bet, but it did not deter him from gambling.

In 1965, Walters went to work as a salesman at McMackin Auto Sales, a used-car lot in Louisville.

Each time he sold a car, he mailed a self-promotion letter to 10 people living on each side of that customer's home.

He would peruse the daily newspaper for car adverts, inviting the ads' sellers to do trades with him.

He went through the phone book and cold-called people.

Walters sold an average of 32 cars a month and earned $56,000 a year in 1966, equal to about $400,000 today.

Walters worked 80 hours a week selling cars and setting dealership records.

In 1967, he was hired as sales manager at Steven's Brothers Auto Sales, a competing dealership.

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.

During that time, Walters also remained involved in sports betting.

In 1981, he left the automobile industry to become a full-time sports bettor and bookmaker.

In 1982, he pleaded guilty to a misdemeanor charge of possession of gambling records in Kentucky.

He quit booking and the charge was later expunged from his record.

It was then that he decided to move with his wife, Susan, to Las Vegas, where betting on sports was legal.

Walters was a losing gambler as late as 1982.

He had lost $50,000 by the time he was 22.

Walters once lost his house during a game of pitching pennies.

The winner did not take possession; Walters agreed to pay off the debt over the next 18 months.

Walters's success changed in his mid to late 30s.

In June 1986, Walters requested a freeze-out with Caesars Atlantic City for $2 million at the roulette tables.

In 1987, Walters stopped all gambling other than sports betting and returned to his roots in business.

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.

His net worth is estimated at more than $200 million.

Walters grew up poor in the rural town of Munfordville, Kentucky.

His father, an auto mechanic, died when Walters was 18 months old.

His mother, who was an alcoholic, walked out on her son and two daughters shortly after the death of Walters' father.

He was raised by his grandmother in a home with no running water or indoor plumbing.

Walters credits his grandmother, a devout Baptist, with instilling a strong work ethic.

She worked two jobs cleaning houses and washing dishes while raising seven children.

At the age of seven, Walters secured a $40 bank loan for a power lawnmower to start a grass-cutting business.

At age nine, he secured a second loan for $90 to start a paper route.

His grandmother arranged both loans for Walters.

His grandmother died when Walters was 13, forcing him to move to Louisville, Kentucky, to be with his mother.

There he worked two jobs, one in the morning at a bakery and the second at a gas station in the evenings.

He rented a room in the basement from his mother, who charged him $10 per week.

He married and had a child before graduating high school.

The marriage was short-lived.