Las Vegas Hustler Hustled by Wall Street?

I stumbled upon a rather interesting video on Youtube the other day. It is about Las Vegas sports betting legend Billy Walters, by some called “the most dangerous sports bettor in Nevada”. Watch it below:

I find this story interesting and inspirational in many regards.

First off, it goes to show that sports betting can indeed be used to make a huge profit. Although the average sports bettor will of course never be able to earn even a fraction of what Billy Walters does, he is a good example that it is not only the bookmakers who can turn a profit from betting on sports.

The part where the Las Vegas “hustler” got hustled himself when he tried his hand with the brokers on Wall Street is downright amusing. How can sports betting be considered illegal in the US, when all sorts of dirty trickery is allowed, actively encouraged even, on Wall Street?!

What I am less amused by is how much 60 Minute reporter Lara Logan builds on the mystery of sports betting. It is a secret who Billy works with, his system is super secret, one of his collaborators is a savant etc. I understand that this makes fascinating storytelling, but it does make sports investing sound a lot more advanced than it has to be.

A couple of other things to note from the video:

  • Not even a big whale like Billy Walters will win all the time. This should be a given of course, but just the other day I found another sports betting “review” site that mentioned that the automated trends from Z-Code doesn’t win all the time as a “con” (as opposed to a super skilled human?!) – clearly that reviewer had never done any live sports betting himself.
  • It is mentioned how guys like Billy will actually place bets to move the odds of a particular game in a certain direction – only to then bet even more on the opposite team. This is the cause of what is known as reverse line movements, something you can also use as an indicator of how to place your bets. In Z-Code System you can learn more about how to use these reversals your advantage.

Well, that was some of my immediate thoughts from watching the video. What do you think? Did you become inspired? Angry? Curious?

Let me know what you think in the comments section below.

 

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One Response to “Las Vegas Hustler Hustled by Wall Street?”

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