Billy Walters, recognized by many as the greatest sports bettor of all time, has some bad news for all the new bettors on the scene.
“With the expansion of sports betting, which is now legal in most states in the United States, you’ve got a lot of novice bettors,” Walters said. “Honestly, the way this thing is set up for most of these people, they have no chance of winning. I mean, zero.”
that’s ok. This is part of the reason Walters wrote a book.
walters book, Gambler: Secrets from a Life in Peril It will be released on Tuesday. Walters has been known for keeping his bets and strategies to himself during more than three decades of beating the sportsbooks. “I wouldn’t have put this gambling information in a book 10 years ago for $10 million. I wouldn’t have considered it,” he said in a phone interview. The book not only shares his advice on betting strategy, but also wild anecdotes about high-stakes bets of all kinds, the different characters who ran into his orbit (including Phil Mickelson, whose bet that Walters shared in the book drew a lot of attention), And his upbringing in Kentucky and the mistakes he made along the way. He goes into detail about his time in prison to convict him In the case of insider trading.
Walters is 77 and feels it’s time to share his stories. He also said that the legalization of sports betting also prompted him to share tips.
“The people who get involved, I want them to understand the good and the bad,” Walters said. “I want to give them some background if they’re going to do it, so at least they have a chance.”
Billy Walters tips for sports bettors
In chapters 21 and 22 of his book, Walters lays out a “master class” and “advanced master class” in sports betting. The many factors he weighs before betting on any NFL game, and the point value he places on each of these factors, are a highlight of the book.
Walters has summarized his top tip for new bettors, or even seasoned bettors who need a few reminders.
“The plan doesn’t have to be that complicated,” Walters said.
Play in many sports venues and shop for the best lines: One sportsbook might have the Green Bay Packers at +2.5. May have another package at +3. This may not sound like a big deal, Walters said, but finding that difference is the key between winning and losing.
Getting the best prices on the most favorable odds and spreads—and also understanding whether +2.5 at odds of -110 or +3 at odds of -130 is better play, something Walters charted in his book—was one of Walters’ key tips for winning.
“If you don’t have multiple accounts, if you don’t shop around for the best rate and you don’t understand what price per half point is right, you don’t understand how the spread compares to the money line and you don’t know the real odds you’re placing on some of these bets, you don’t stand a chance,” Walters said. “.
Money management and discipline: Walters says in his book that bettors should not bet more than one to three percent of their bankroll on any bet.
And a big part of money management is not chasing losses.
“We all let our emotions take over from time to time – I don’t do that anymore, but I did when I was a lot younger – you lose three or four games on Sunday all at once, and it’s Sunday night and you don’t have any say at all but you’ll double,” Walters said. Things and they make you up and your money back, and the same goes for Monday night.” “It’s suicide if you do that.”
Avoid teasers and harassment: It’s hard to win when you have to put down $110 to win $100 on straight bets. It is much more difficult to win bonuses and teasers (with jam games bettors can move the spread in multiple games by six or more pips but have to win every game to pay off the bet). Walters said the sportsbooks have changed the odds on the stands and upsets and that gives the house a very big advantage.
“Teasers and teasers are fun bets, and getting a bigger payout than you bet is fun,” Walters said. “But the bottom line is, if you’re going to bet on sports and you want to give yourself a chance to win over a period of time, with the current odds, you can’t beat promotions and teasing.”
Collect as much information as possible: Many years ago, Walters and his group had flight crews collecting sports sections from leftover newspapers on flights to Las Vegas. This is how they looked for teams and injuries.
All of this knowledge—injuries are the biggest factor Walters identified, but he also measures team morale and how you’ll play in certain weather, among other factors included in the book—is easier to come by than ever.
“I think we are all equal,” Walters said. “This information is available to everyone.”
Walters has unique resources when it comes to sports betting. He said he has spent millions on research and development. Walters had teams of researchers and bettors working with him. It goes back to the “computer group” of the 1980s, which were famous in the sports world for using technology to get ahead of the sportsbooks. Walters also has a more dedicated approach and bottom line to sports betting than anyone else.
“For me, sports betting is a business,” Walters said.
Although casual bettors don’t have the time, money or connections to replicate it, the world’s most famous sports bettor says the key factors to winning are simple.
“Don’t get emotional and bet on games because you’re losing,” Walters said. “Shop around and get the best price.” “You have a fighting chance if you do that.”
Walters is enjoying the changing sports betting landscape
The world of sports betting has changed a lot in just a few years. When the US Supreme Court overturned a federal ban on sports betting in 2018, it allowed states to put it on the ballot. More than 30 states have legalized sports betting.
Walters wasn’t nostalgic for the good old days, when sports betting was mostly done in the shadows.
“All they’ve done is legitimize something that people have been doing for years and years and years,” Walters said. “To see it legal today, I think that’s a really good step in the right direction.”
It does not come without some flaws. There have been many betting scandals in universities and professional leagues. But Walters said he does not worry about the integrity of the sport in the future. He said that bettors help regulate the sport.
Walters brought up the famous 1994 shaver scheme with Arizona State basketball. He said that the first time bettors came to Las Vegas to bet on Sun Devils fixed games, the spread moved and he bet on the other side. He lost. He did the same thing the second time Arizona bettors came to Las Vegas, and lost again. The third time he was careful.
“The third time I didn’t bet,” Walters said. “I recorded the game and I looked at it and it was clear what was going on.”
Walters said he called the authorities. Many bookmakers have also done so. Finally the FBI accused those involved.
“It’s not like Wall Street,” Walters said. “You can’t hide this.
“If there’s anything out of the ordinary, people recognize it right away.”
Walters can get to know him better than anyone else. Walters said in his book that his first bet was on the 1955 World Series, which he lost when the Brooklyn Dodgers beat the New York Yankees. That started a lucrative career that has continued to this day. He doesn’t have any future bets on college football or the NFL this season, but he says it’s because he was in New York doing a publicity tour for his book.
“I’ll be back home (Las Vegas) here soon and doing what I really love,” said Walters.
