Life Of A Professional Gambler

3/31/2022by admin

Gambler Lures products are sold world wide through dealers and direct through our website. Our products have produced BassMaster Classic Championships and top finishes at all levels. But you don't have to be a professional to appreciate the quality and effectiveness of our lures. Professional gambler Nikolaos Andreas Dandolos ( Greek: Νικόλαος Ανδρέας Δάνδολος; April 27, 1883 – December 25, 1966), commonly known as Nick the Greek, was a Greek professional gambler and high roller. The professional career of a gambler is a high-risk business. Trends suggest that by 2020, the U.S. Gambling industry was worth about $ 50 billion, making it a very profitable business for everyone involved, especially for those who win. Once gambling was just a hobby to attract money, this is no. Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on association football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels. Gambler’s Royal Flush Sees $5 Punt Turn Into $1.1million. It was the biggest win of the Tropicana Casino regular’s life. Is a professional journalist.

Born	July 15, 1946 (age 74)
Occupation	Entrepreneur
Net worth	US$100 million (2014)^[1]

William T. Walters (born July 15, 1946)^[2] is an American entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years.

In 1987, Walters stopped all gambling other than sports betting and returned to his roots in business. As of 2016, his holding company owned interests in eight car dealerships with one under construction, one golf course on the Las Vegas Strip, a rental-car franchise, and a number of commercial properties.^[3] In 2014, his net worth was estimated at more than $100 million.^[4]

Early life[edit]

Walters grew up poor in the rural town of Munfordville, Kentucky. His father, an auto mechanic, died when Walters was 18 months old. His mother, who was an alcoholic, walked out on her son and two daughters shortly after his father's death. He was raised by his grandmother in a home with no running water or indoor plumbing.^[5]

Walters credits his grandmother, a devout Baptist, with instilling a strong work ethic. She worked two jobs cleaning houses and washing dishes while raising seven children. At the age of seven, Walters secured a $40 bank loan for a power lawnmower to start a grass-cutting business. At age nine, he secured a second loan for $90 to start a paper route. His grandmother arranged both loans for Walters.^[5]

His grandmother died when Walters was 13, forcing him to move to Louisville, KY, to be with his mother. There he worked two jobs, one in the morning at a bakery and the second at a gas station in the evenings. He rented a room in the basement from his mother. He married and had a child before graduating high school. The marriage was short-lived.

Business success[edit]

In 1965, Walters went to work as a salesman at McMackin Auto Sales, a used-car lot in Louisville. Each time he sold a car, he mailed a self-promotion letter to 10 people living on each side of that customer's home. He would peruse the daily newspaper for car ads, inviting the ads' sellers to do trades with him. He went through the phone book and cold-called people. Walters sold an average of 32 cars a month and earned $56,000 a year in 1966, equal to about $400,000 today.

Walters worked 80 hours a week selling cars and setting dealership records. In 1967, he was hired as sales manager at Steven's Brothers Auto Sales, a competing dealership. He worked at Stevens Brothers until 1972, when he started his own business, Taylor Boulevard Auto Sales, wholesaling cars to other dealers throughout the southeastern United States.

During that time, Walters also remained involved in sports betting. In 1981, he left the automobile industry to become a full-time sports bettor. He was running his own betting service on the side and, in 1982, pled guilty to a misdemeanor charge of possession of gambling records in Kentucky. The charge later was expunged from his record.

It was then that he decided to move with his wife, Susan, to Las Vegas, where opportunity beckoned and betting on sports was legal.

Gambling career[edit]

Walters started gambling when he was 9 years old, when he bet the money he earned from his paper route on the New York Yankees to beat the Brooklyn Dodgers in the 1955 World Series. The Dodgers won and Walters lost the bet, but it did not deter him from gambling. Walters was a losing gambler as late as 1982. He had lost $50,000 by the time he was 22. Walters once lost his house during a game of pitching nickels. The winner did not take possession; Walters agreed to pay off the debt over the next 18 months.

Walters' success changed in his mid to late 30s. In June 1986, Walters requested a freeze-out with Caesars Atlantic City for $2 million at the roulette tables. Walters was known to have lost $1 million at least twice at the Las Vegas blackjack tables. Caesars, however, declined his request. Walters then took his proposition to the Atlantic Club Casino Hotel, then known as the Golden Nugget, which was accepted.^[6]

Walters and his gambling partner delivered $2 million to the cage at the Atlantic Club Casino Hotel. The pair noticed a wheel bias and bet on the 7-10-20-27-36. After 38 hours of play they won $3,800,000, beating the prior record of $1,280,000 held by Richard W. Jarecki at the San Remo Casino in Monte Carlo in 1971. Three years later his 'Syndicate' had won $400,000 at a casino in Las Vegas and an additional $610,000 from Claridge Casino in Atlantic City.^[6] Walters also captured the 1986 Super Bowl of Poker, (also known as Amarillo Slim's Super Bowl of Poker or SBOP) in Lake Tahoe earning $175,000.^[7]

Sports betting[edit]

In the 1980s, Walters joined the Computer Group, which used computer analysis to analyze sports outcomes. Over a period of 39 years, Walters had only one losing year, with a 30-year winning streak. Though he has finished in the red for a few months, he was always in the black by the end of the year. Walters bet on basketball, NFL, and college football. Walters won $3.5 million on Super Bowl XLIV after betting on the New Orleans Saints.^[8] Due to his reputation, Walters often placed bets through 'runners' so bookmakers would remain unaware of the person behind the bet.^[9]

In January 2007, Walters won a $2.2 million bet on University of Southern California defeating University of Michigan; USC won, 32-18. In 2011, Walters claimed he could make between $50 to $60 million on a good year.^[2]

Insider trading[edit]

In April 2017, Walters was found guilty of insider trading after using non-public information from Thomas C. Davis, a board member of Dean Foods. Walters was sentenced to 5 years in prison and fined $10 million. Lawyer Daniel Goldman, then an assistant United States Attorney for the Southern District of New York, was part of the trial team.^[10]^[11]^[12]

Walters' source, company director Thomas C. Davis, using a prepaid cell phone and sometimes the code words 'Dallas Cowboys' for Dean Foods, helped Walters, between 2008 and 2014, realize profits and avoid losses in the stock, the Federal jury found. Walters gained $32 million in profits and avoided $11 million in losses. At the trial, investor Carl C. Icahn was mentioned in relation to Walters’ trading but was not charged with wrongdoing. Golfer Phil Mickelson 'was also mentioned during the trial as someone who had traded in Dean Foods shares and once owed nearly $2 million in gambling debts to' Walters. Mickelson 'made roughly $1 million trading Dean Foods shares; he agreed to forfeit those profits in a related civil case brought by the Securities and Exchange Commission'.^[13]^[14]

On December 4, 2018, the U.S. 2nd Circuit Court of Appeals upheld the insider trading conviction and 5 year sentence of Walters, even though it chastised an FBI agent for leaking grand jury information about the case.^[15] On October 7, 2019, the U.S. Supreme Court refused to hear Walters’ appeal.^[16]

Walters was initially imprisoned at Federal Prison Camp, Pensacola, but was released to home confinement in Carlsbad, California, on May, 1, 2020, amid the coronavirus pandemic. His sentence was scheduled to be completed on January 10, 2022,^[4] and was commuted by Donald Trump on January 20, 2021.^[17]

Personal life[edit]

Walters has three children, and was an avid golfer. He claims to have made over $400,000 on one hole and once as much as $1 million in one round, although he admitted to losing a million at blackjack later that night.^[18]

In June 2014, Walters had a private jet worth $20 million and owned seven homes, with a net worth estimated at over $100 million.^[1]

Walters is a noted philanthropist and has donated to Opportunity Village, a Las Vegas nonprofit for people with intellectual disabilities.^[12] In September 2020, in response to Opportunity Village cancelling their two largest fundraising events because of the COVID-19 pandemic, the Walters family committed to a $1 million matching donation. He and his wife Susan have been staunch Opportunity Village advocates for decades and were honored at the organization’s 11th annual black-tie gala Camelot in 2012. ^[19]

The couple were also honored as Las Vegas Philanthropists of the Year in 1997 by the Association of Fundraising Professionals Las Vegas Chapter^[20]^[21]

References[edit]

^ ^a^bRowe, Peter (June 13, 2014). 'Billy Walters, gambler extraordinaire'. sandiegouniontribune.com. Retrieved March 6, 2018.
^ ^a^bBerzon, Alexandra (June 3, 2014). 'Taste for Risk Fueled Career of Bettor Billy Walters, Now in Trading Probe'. WSJ. Retrieved March 6, 2018.
^Lareau, Jamie (July 9, 2016). 'Billy Walters: Done gambling, still dealing'. Automotive News. Retrieved July 3, 2019.
^ ^a^bG, Thomas (May 1, 2020). 'Famed Vegas gambler released from prison in COVID-19 program'. AP. Retrieved May 1, 2020.
^ ^a^bFish, Mike (April 2, 2018). 'Billy walters on his conviction, gambling -- and ex-friend Lefty'. ESPN. Retrieved July 3, 2019.
^ ^a^bRussell T. Barnhart (1992). Beating the Wheel: The System That Has Won Over Six Million Dollars from Las Vegas to Monte Carlo. Kensington Publishing Corporation. pp. 101–. ISBN978-0-8184-0553-2.
^'Billy Walters and the Story of the Computer Group'. Pregame. Retrieved June 4, 2019.
^Newman, Eric (February 17, 2012). 'The Greatest Sports Bets of All Time'. Bleacher Report. Retrieved March 6, 2018.
^Fish, Mike (February 6, 2015). 'Meet the world's most successful gambler'. ESPN.com. Retrieved March 6, 2018.
^'Democrats' impeachment lawyer cut his teeth prosecuting mobsters, Wall Street cheats'. Washington Post. Retrieved November 13, 2019. Cucinella said she requested Goldman to be on the trial team “because he has a bit of a swagger as a trial lawyer, and it’s a confidence that serves him well. In a courtroom, he’s incredibly effective.”
^Moynihan, Colin; Moyer, Liz (April 7, 2017). 'William T. Walters, Famed Sports Bettor, Is Guilty in Insider Trading Case'. nytimes.com. Retrieved March 6, 2018.
^ ^a^bErik Larson Bloomberg (July 27, 2017). 'Las Vegas gambler Walters gets 5 years in prison, $10M fine'. Las Vegas Review-Journal. Retrieved March 6, 2018.
^Calia, Mike (September 6, 2017). 'Gambler Billy Walters sentenced to 5 years in 'amateurishly simple' insider-tradingscheme'. CNBC. Retrieved March 6, 2018.
^Larson, Erik (July 27, 2017). 'Vegas Gambler Billy Walters Gets 5 Years for Insider Trading'. Bloomberg.com. Retrieved March 6, 2018.
^Jonathan Stempel Reuters (December 4, 2018). 'Las Vegas gambler Walters loses insider trading appeal'. Reuters. Retrieved December 4, 2018.
^Andrew Chung Reuters (October 7, 2019). 'U.S. Supreme Court rejects insider trading appeal by Las Vegas gambler'. Reuters. Retrieved October 7, 2019.
^'Statement from the Press Secretary Regarding Executive Grants of Clemency'. whitehouse.gov. January 20, 2021 – via National Archives.
^'Billy Walters - A Legend In Sports Betting History'. USA Sportsbook Sites. September 21, 2015. Retrieved March 6, 2018.
^Rocky Nash KLAS-TV (2020). 'Opportunity Village receives $1M matching donation offer from notable philanthropists'. KLAS-TV. Retrieved September 30, 2020.
^AFP Las Vegas Chapter (1997). 'Association of Fundraising Professionals Las Vegas'. AFP. Retrieved January 6, 2020.
^Admin (January 6, 2020). 'Las Vegas Philanthropists of the Year in 1997'. official. Retrieved January 6, 2020.

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Billy_Walters_(gambler)&oldid=1010060509'

(Redirected from Nick the Greek)

Born	Nikolaos Andreas Dandolos 27 April 1883
Died	25 December 1966 (aged 83) Gardena, California, U.S.
Occupation	Professional gambler

Nikolaos Andreas Dandolos (Greek: Νικόλαος Ανδρέας Δάνδολος; April 27, 1883 – December 25, 1966), commonly known as Nick the Greek, was a Greek professional gambler and high roller.

Early life[edit]

Dandolos was the son of wealthy parents. He attended the Greek Evangelical College and earned a degree in philosophy. When he was 18 years old, his grandfather sent him to the U.S.A. with an allowance of $150 per week. Although Dandolos settled down in Chicago he eventually moved to Montreal where he began gambling on horse races.

Dandolos was known throughout his life for winning and losing large sums of money. After winning over $500,000 on horse racing, he moved back to Chicago where he lost it all on card and dice games. He quickly became a master of these games, however, and became a prime attraction at casinos when he would play in them.

Poker and gambling[edit]

From January 1949 to May 1949, Dandolos played a two-person 'heads up' poker match against poker legend Johnny Moss where the two played virtually every variation of the game that existed at the time. The game, set up by Benny Binion as a tourist attraction, is widely credited as being the inspiration for the modern day World Series of Poker.

At the end of this five-month poker marathon, down an estimated $2–4 million, Dandolos uttered what has become one of the most famous poker quotes ever: 'Mr. Moss, I have to let you go.'^[1]

One urban legend claims that Dandolos once had the opportunity to escort Albert Einstein around Las Vegas. Thinking that his gambling friends may not be familiar with him, Dandolos allegedly introduced Einstein as 'Little Al from Princeton' and stated that he 'controlled a lot of the numbers action around Jersey.'^{[citation needed]} According to Dandolos's own testimony in Gambling Secrets of Nick the Greek, just before the end of World War II, he got a call from a friend at the United States State Department. The caller said that there was someone who was looking for a poker game on a weekend in Manhattan. Dandolos reminded his friend that gambling is illegal in New York, but his friend said that he would see to it that no law enforcement would get involved. At the game, according to Dandolos, he introduced Albert Einstein as 'little Al from Jersey.'

Another urban legend has him winning one million dollars against a Texan. In the early hours of the morning, Nick felt tired and called an end to the game. The Texan accused him of chickening out while the going was good. Nick the Greek then called for a new deck of cards, shuffled them and asked the Texan if he wanted to cut the cards (high card wins) one time, for double or quit. The Texan declined and they went home.^{[citation needed]}

Nobel Prize–winning physicist Richard Feynman also met Nick the Greek, according to the autobiographical Surely You're Joking, Mr. Feynman!. Nick explains how he wins big not by playing the tables, but by knowing the odds at the tables and betting against others who have superstitious beliefs about the outcome. He then relies on his reputation to bet against others.

In Eliot Asinof's Eight Men Out, the author attributes this gambling wisdom to Nick the Greek: 'Never bet on anything that can talk.' [1]^{[permanent dead link]}

Later life[edit]

Near the end of his life, Dandolos was near-broke and playing $5 limit draw poker games in Gardena, California. When asked by a fellow player how he could once play for millions and now be playing for such small stakes, Dandolos supposedly replied, 'Hey, it's action, isn't it?'

Death[edit]

He died on Christmas Day in 1966 and was a charter inductee of the Poker Hall of Fame in 1979.

Life Of A Professional Sports Gambler

Legacy[edit]

It's estimated^{[by whom?]} that he won and lost over $500 million in his lifetime. He himself claimed that he went from rags to riches over 73 times. He donated over $20 million to education and charity.^[2]

A book by Ted Thackrey was published in 1968 titled Gambling Secrets of Nick the Greek.

A novel about Nick's life was written by Harry Mark Petrakis in 1978 titled Nick the Greek.

In popular culture[edit]

In the Damon Runyon short story, 'Romance in the Roaring Forties,' Nick the Greek is mentioned by name, as a guest at the Prohibition-era New York wedding of Miss Billy Perry. Other guests are Waldo Winchester (a thinly-disguised Walter Winchell), Skeets Boliver, Feet Samuels, and Good Time Charley Bernstein, showing Nick as part of the louche guys-and-dolls culture of Broadway in the Roaring Twenties.

He also appears in Runyon’s short story “Blood Pressure,' playing at Nathan Detroit’s floating crap game in New York. The unnamed narrator has been dragged into the game by a gangster, and notes that it is more than somewhat full of very tough guys indeed, there with some of the towns highest rollers:“...there they are wedged up against the table with Nick the Greek, Big Nig, Grey John, Okay Okun, and many other high shots, and they all have big coarse G notes [thousand dollar bills] in their hands which they are tossing around back and forth as if these G notes are nothing but pieces of waste paper.'

Is It Possible To Be A Professional Gambler

A brief appearance is made by Nick at a party in Runyon’s short story “Madame La Gimp,' where he impersonates Heywood Broun.

Can You Be A Professional Gambler

Nick the Greek named as unindicted co-conspirator in Ray Ryan’s attempted kidnapping/extortion^[3]