Gambling Legend Billy Walters Sentenced To Five Years For Insider Trading

Gambling Legend Billy Walters Sentenced To Five Years For Insider TradingAfter a legendary gambling career where Billy Walters made an estimated $300 million betting on sports, the master finally bombed on a bet slip as he was sentenced to a five-year prison sentence for insider trading. Whether he’s actually guilty of anything or not is debatable – he’s been a target of the US government for most of his career, always staying one step ahead and infuriating the brownshirts at every turn. Perhaps this is payback. Or perhaps he actually knowingly (and very stupidly) broke the law.

A lot of folks like to compare the gambling industry in general (and sportsbooks in particular) to the stock market. After all, both are predicated on making bets – educated or otherwise – on whether or not specific future events will take place. Unfortunately, there are ways to game the game, to cheat the system. And it’s looking like, if the courts are to be believed, Walters did just that. By allegedly turning insider tips into a series of stock moves to the tune of $43 million, Walters ran afoul not of some marginally menacing pit boss or casino manager who might smash his kneecap or toss him out on his ear, but of a major world power that is no more vengeful than when a private citizen takes more than his “fair share.”

At any rate, if Walters really was in cahoots with the dealer, he must have expected this end on some level. Like US Attorney Joon H. Kim says (because of course he does), “Making millions in the stock market with a deck stacked in your favor leads to time in a federal penitentiary.”

While Walters is in there, hopefully he’ll have the opportunity to train up the next gambling prodigy or finally write that tell-all book detailing his advanced research methods and techniques. But if I had to bet, I’d reckon he won’t. He’ll be way too busy reading the sports page and making mysterious phone calls to “business associates” for any of that.

Walters plans to appeal.

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