About the great Billy Walters:Billy Walters video

Billy Walters maintained a low profile in Las Vegas. If he appeared at a sports book it was usually around midnight. when he might come to open a betting account with $100,000 or more in cash - however much he could fit in a Famous Amos Cookies bag. As for more public matters, he preferred that business be conducted by Glen Walker. So Walker would visit the Las Vegas sports books each day, to settle up or place bets, and fend off the legions of bettors who wanted to know which games the computer liked that week. He worked with three other group employees at the "C&B Collection Agency," which was a front for their betting operation. His colleagues would meet there, at an office park on Spring Mountain Road., when they weren't moving money out of Billy Walters' house.



By and large, though, there was little humor in their work. On a Saturday of college basketball they might bet 60 games, which required that they be aware of every injury, casualty and rumor surrounding all 120 teams. They had to chart the movement of the point spreads in various sports books for each game. They had to find the weakest lines, and they had to make and keep track of their wagers by the hundreds. They worked almost every day from September through March. Some days they would start at 6 a.m. and finish at midnight. Always Walters felt obliged to protect the Computer's information from the public, because these numbers were as valuable to him personally as they were to the group. His employees never even heard mention of the name Ivan Mindlin. The voice delivering the daily betting orders was known only as "Doc" or "Cowboy," and Billy Walters would say nothing more to identify him.

Occasionally, however, it paid to be careless. On a Wednesday afternoon, ever so casually, Billy Walters might tell Glen Walker to make a call over to the old Gary Austin Sports Book on the strip. "We want to lay $30,000 on Wisconsin giving 3 to Purdue," Billy Walters would tell him.

Walters knew that several wise guys would be passing time near the counter at Gary Austin's. And they would notice that the line favoring Wisconsin over Purdue would rise to 3 1/2 points. And they would ask who was responsible for moving the line, and they would be told the truth: That $30,000 had just been laid by the computer. And then..

The wise guys would bet on Wisconsin themselves. These wise guys would whisper to other wise guys. Tout services would hear that the computer liked Wisconsin. A run would begin on Wisconsin. News of Wisconsin would spread nationally. By the time word reached the man in Louisiana or the woman in Illinois, there would be no mention of the Computer Group. They would simply be told that they had better get something down on Wisconsin. You can see now that the betting market in Las Vegas is no different than Wall Street. Fed by rumor, speculation and greed, a stock like Wisconsin can grow hot for no substantial reason.

By Thursday or Friday, Wisconsin might be inflated to a 5-point favorite, 5 1/2 in some markets. At this point Billy Walters believed the price could rise no higher, and so he would marshal his forces: "Open order on Purdue taking 5!" In moments, they would be on their speed-dial phones, reaching every available source nationwide, betting as much as they could wherever Purdue was a 5-point underdog. They were a frantic yet focused group inside the "C&B Collection Agency," attempting to flood all the markets simultaneously, before the point spread could drop. Into one phone they would shout a few words and then hang up while dialing another number on another phone, back and forth, until they were frazzled. In two minutes Walters alone could place bets through a dozen beards or bookies.
Brief acknowledgment that this successful gambler has directed some of his diligently grubbed-out winnings to philanthropic purposes...
Beyond that (as commented above), exactly how is this piece 'news'? And if it was some kind of "celebrity" profile, please buck the trend (going forward) and up your news magazine's selection standards.

How absurd that this gambler was also provided a forum for broad-brush castigation of "Wall Street", at least indirectly impugning the many honest, hardworking professionals making a legitimate living in the financial sector of the above-ground economy