here's one article about BW for those that don't know of him.
By The Shrink
March 22, 2002
Bill Walters is considered by many experts to be the most successful sports bettor in the world today. His road to glory has not been an easy one, as he arrived in Las Vegas more than two decades ago without a penny to his name.
When I was travelling with a friend of mine in Las Vegas a couple of months ago, we visited this breathtaking new golf course called Bali Hai. Then we ran into its owner, Bill Walters.
The one thing that struck me most during that visit was learning just how passionate Walters becomes when talking about sports betting. My friend was fascinated to learn that Walters owns many businesses that have nothing to do with sports betting. So he asked Walters, "Out of all the different types of businesses you are involved in, which do you enjoy the most?"
Walters turned around - his eyes were radiating and his mouth smiling - and responded "Why, it's sports betting of course!"
Although many articles have focused on his life, legal battles, successes and failures, I haven't found one column focusing on whether he is believed to be good for the offshore gambling industry.
I will attempt to answer this difficult question with the help of some very well respected bookmakers and gamblers.
When I travel offshore and gather with sports book owners, they ALWAYS talk about Walters. In some circles, he is nicknamed "the devil" or "el diablo" because Walters can be a bookmaker's nightmare.
These same bookmakers love sharing their belief about which side of games they think he is on, but in reality, they don't always know.
Walters is feared, dreaded, and chastised by many offshore bookmakers. Some will not take a single bet from anyone they suspect is part of his group or worse yet, a gambler who follows him.
When I asked several bookmakers and gamblers if they thought Bill Walters was good for the offshore gambling industry, here's what some had to say.
"Walters creates action, which is good, but overall he's not good for my office," reported Billy Scott from WWTS in Antigua. "The gamblers who follow Walters, and end up taking the third number, lose in the long run. The way you can make money on Walters is to keep the money he bets on the original number very low.
"For example, I am pleased when my sports book gets 50 percent of the action on our final number. Theoretically, we'd love to book five percent of our total action on a game on our opening number, 10 percent on our second number, 15 percent on our third number, and 50 percent on our final number."
Rick from BetAllworld in Curacao stated, "This is a very tough question to answer. I would have to say that he's not good for the offshore industry itself and here's why.
"Billy Walters is a one man wrecking crew and he corners the market. Nobody knows what he's doing. Therefore, you can't move your numbers effectively, because you never know what side of a game he is really on. Walters puts out these fake leads, and the sports books who move on air get caught taking bets getting two points the worst of it.
"But, even though you don't have to like this guy, you have to respect him. Anyone who doesn't is a fool. Walters deserves respect because he is the best."
Rio management and CRIS management share opposing views.
"At a dinner I attended with some of the most elite bookmakers this industry has ever known, this same question surfaced, said a manager from Rio.
"The consensus opinion was that without an individual like Walters, who creates such additional volume, volatility, buy-backs, and middling, the industry would be stagnant without his presence. I believe he is huge for offshore sports betting.
Ignorant bookmakers don't like him, but the more sophisticated offices could care less because they know how to make money off of him. And even though Walters almost put RIO out of business years ago, you can't ignore the fact that he's a legend. Many people don't realize that we will never see another sports bettor of this magnitude again in our lifetime. Walters is to sports betting what Michael Jordan was to basketball and what Bill Gates has been to the Internet. Walters is such a genius in this industry and no one will ever be able to parallel his accomplishments.
The management at CRIS agreed with Rio.
"I don't believe Walters hurts offshore gambling. I think he is a plus. Although you never know what side of a game he is on, he creates such tremendous volume and action, which is good for us.
People follow him, 'middle' because of him, and bet because of his ability to manipulate lines. And even though he's next to impossible to beat, the action he generates more than compensates for what we lose to him in our office.
The key is limiting him. Then, everything else should fall into place. It doesn't matter to us if we ever know the real side of his games, so long as we can generate two- sided action off of him. And we usually do.
Reno and Krackman, two respected gamblers, both believe Walters to be the best thing since apple pie. And they aren't the only gamblers who feel this way.
When I read some posting forums, Reno has gone so far as saying, "I worship Billy Walters because he creates middles."
Krackman agrees and told me that without the line movements that Walters creates, he wouldn't be betting nearly as many games offshore.
Other successful sports bettors I have interviewed feel the same way. They tell me that their success is directly attributed to Walters' uncanny ability of manipulating line movements. These gamblers don't have to worry about being on the 'right' side of a game because they are often able to lay two points and take back four on the same game.
For those who may not know much about 'middling,' this is a position that is very favorable for gamblers in the long run and they wind up making serious money given this scenario.
So, is Billy Walters good for offshore sports betting? It all depends on which side of the fence one is positioned.
For gamblers, he is idolized, revered, and exalted. For some bookmakers, he is feared, dreaded, and loathed.
However, the one thing everyone can agree upon is that he is the most successful sports bettor we have ever known.
