Billy Walters is a very wealthy man, though this was not always the case. He made his money over several decades, coming to amass quite an impressive fortune. Like many of the biographies of wealthy people here on Local 8 Now, Billy Walters’ story is extremely inspiring, especially because he was not born into wealth. Billy Walters is currently 76 years old, having been born on July 15, 1946.
Walters was born in Munfordville, Kentucky, which is a poor rural town which at the time did not have many of the basic services of the larger cities in Kentucky. For example, the home he was raised in did not have either running or indoor plumbing, making his rise to riches all the more impressive.
His father was an auto mechanic, but he unfortunately passed away within the first two years of Billy Walters’ life. This left Billy’s mother in a bad state, and she soon left Billy and his two sisters with their grandmother, who raised them.
His grandmother was a Baptist who believed in a strong work ethic. She raised seven children while working two jobs cleaning homes and washing dishes. This is perhaps why the young, gifted Walters got a bank loan of $40 at the age of seven to buy a lawn mower and start his own grass-cutting business. His grandmother also arranged his second loan, at age 9, to start a newspaper route.
At the age of 13, his grandmother passed, prompting him to move to Louisville, Kentucky to live with his mother. He had a child and a short-lived marriage in high school. Billy Walters currently has three children and is currently married. He has enjoyed golfing as an adult.
Billy Walters may have started out without a lot of money in his pocket, but he somehow knew how to turn that around. The latest estimate of his net worth put it at over $100 million. It was a long road to get there, and, in fact, he continues to earn money, even into what would be retirement age for many of us.
His holdings include a private jet, which is worth 20 million dollars alone, and seven homes.
How He Made His Money
Billy Walters had many routes to his fortune, but he is most famous for his success as a bettor and gambler. During 39 years of sports betting, he only had one losing year. This includes winning the 1986 Super Bowl of Poker, a $3.5 million win on Super Bowl XLIV, and $2.2 million wager on University of Southern California defeating University of Michigan.
He started off in retail casinos, but soon moved to online sportsbooks like the ones you can find at VegasSlotsOnline. Winning big requires going to the best casinos. The experts here recommend casinos based on fair odds, generous bonuses, and jackpot size. Not only do they review casinos, but they also keep you up to date on the latest gambling news so you can make sure your strategy is fresh.
He has also made a lot of his fortune as an entrepreneur. This includes forays into car sales, car rentals, building a golf course in Nevada, and commercial properties.
He stuck out since his first days as a used car salesman. He earned the equivalent of $400,000 a year in today’s dollars by sending personalized promotional cards to the neighbors of his clients, cold-calling people from the white pages, and trading cars with people who had posted car ads in the paper.
The Computer Group
Bill Walters was one of the founders of an important group of bettors based right in Sin City. This group, called the Computer Group, was active for many years along the Strip in Las Vegas.
This group was able to collect publicly available information and statistics and then successfully process it. With this information they would predict the results of sporting events. And they were able to do so with such accuracy that many thought they were acting illegally.
In fact, he was accused of illegal activity related to the Computer Group four times. And four times he was cleared of all charges. He was just so good that people assumed it was impossible!
He ended up leaving this group after a disagreement regarding a large sum of money. He then founded a new group, where he would collect information along with his collaborators on everything you can bet on, from sports to weather events. His collaborators in this new project use nicknames, and remain anonymous to each other.
Billy Walters has also donated a lot of his money to different charitable causes. One of his most common causes is Opportunity Village, which seeks to help people in Las Vegas living with intellectual disabilities. In fact, during the pandemic, Opportunity Village had to cancel its fundraising events, and Walters dedicated $1 million to help them make up the difference.
Billy Walters and his wife Susan are both active philanthropists, and were even recognized as Las Vegas Philanthropists of the Year in 1997 by the Association of Fundraising Professionals Las Vegas Chapter. The couple has committed to giving one million dollars to help the Las Vegas airport develop and execute their rebranding. Ever since he moved to Las Vegas, he has clearly proven his commitment to the larger community, especially those less fortunate, time and time again
Controversies in the life of Billy Walters
Billy Walters has been accused of making some of his money in inappropriate ways. In 2017, Walters was accused of insider trading. In fact, he was also declared guilty of trading based on privileged information when it came to the stocks of Dean Foods.
Walters was forced to pay a fine and serve time behind bars. He paid $100,000 in fines and five years behind bars, though this was significantly reduced, and he was released in 2020 to serve the rest of his time at home.