wincardona
Verified Member
Just thought that I would post this in a new thread to make sure it got the attention from our group.
Originally Posted by Cowboy Dennis
I don't know much about it and I don't pretend to, but from what I've read, he did it a little different. He'd use his own money, 10's of thousands or 100's of thousands to move the line himself. Then when it moved to where he thought it couldn't go higher he'd bet the other way, sometimes up to $1,000,000. He'd occasionally win the "middle" but that was not his main target. He didn't just skulk around weak casinos and find differring lines and bet the middle, he moved the lines himself, with his own money, according to this article on the "Computer Group":
By and large, though, there was little humor in their work. On a Saturday of college basketball they might bet 60 games, which required that they be aware of every injury, casualty and rumor surrounding all 120 teams. They had to chart the movement of the point spreads in various sports books for each game. They had to find the weakest lines, and they had to make and keep track of their wagers by the hundreds. They worked almost every day from September through March. Some days they would start at 6 a.m. and finish at midnight. Always Walters felt obliged to protect the Computer's information from the public, because these numbers were as valuable to him personally as they were to the group. His employees never even heard mention of the name Ivan Mindlin. The voice delivering the daily betting orders was known only as "Doc" or "Cowboy," and Billy Walters would say nothing more to identify him.
Occasionally, however, it paid to be careless. On a Wednesday afternoon, ever so casually, Billy Walters might tell Glen Walker to make a call over to the old Gary Austin Sports Book on the strip. "We want to lay $30,000 on Wisconsin giving 3 to Purdue," Billy Walters would tell him.
Walters knew that several wise guys would be passing time near the counter at Gary Austin's. And they would notice that the line favoring Wisconsin over Purdue would rise to 3 1/2 points. And they would ask who was responsible for moving the line, and they would be told the truth: That $30,000 had just been laid by the computer. And then..
The wise guys would bet on Wisconsin themselves. These wise guys would whisper to other wise guys. Tout services would hear that the computer liked Wisconsin. A run would begin on Wisconsin. News of Wisconsin would spread nationally. By the time word reached the man in Louisiana or the woman in Illinois, there would be no mention of the Computer Group. They would simply be told that they had better get something down on Wisconsin. You can see now that the betting market in Las Vegas is no different than Wall Street. Fed by rumor, speculation and greed, a stock like Wisconsin can grow hot for no substantial reason.
By Thursday or Friday, Wisconsin might be inflated to a 5-point favorite, 5 1/2 in some markets. At this point Billy Walters believed the price could rise no higher, and so he would marshal his forces: "Open order on Purdue taking 5!" In moments, they would be on their speed-dial phones, reaching every available source nationwide, betting as much as they could wherever Purdue was a 5-point underdog. They were a frantic yet focused group inside the "C&B Collection Agency," attempting to flood all the markets simultaneously, before the point spread could drop. Into one phone they would shout a few words and then hang up while dialing another number on another phone, back and forth, until they were frazzled. In two minutes Walters alone could place bets through a dozen beards or bookies.
So: On Wednesday they'd bet against Purdue. to lower its value in the market. Now on Friday they were buying as much Purdue as they could, a grand total of $1 million or more. And wouldn't you know it: Sometimes Wisconsin would beat Purdue by 4 and the Computer Group would win the "middle" — bets on both teams paying off in the same game.
Your interpretation on how Walters moved is spot on, but there were other things that he did as well. I was involved with Walters when he first moved to Las Vegas in the 80's, he didn't have any money and convinced my good friend Chip Reese to bank roll him betting the computer generated games. I went to work with Billy and Chip and was an asset to the way they bet Las Vegas. I personally innovated the two way radio as a strategic way of betting Las Vegas, before then big betters and movers were transmitting their orders with pagers. Artie can verify what i'm saying as the truth. I worked with Billy for 4 years, went to his home regularly, went to the UNLV games with him and quite frankly learned a lot from him. When you walked into his home you would see a large painting of a tiger located in his living room, signifying the mans character, and he was as fierce as a tiger with the way his business would be run. I would do 10 things perfectly and would screw up once and you would of thought by listening to him that I was on the hot seat to be canned.
My good friend Chip Reese passed and I traveled to Las Vegas to attend the funeral at the funeral I bumped into Billy Walters and we talked about the 80's I spent most of my life living in Las Vegas and experienced things there that you only read in books or see at the movies, and yes it's all real. I have stories about the biggest gamblers, best card players, notorious mobsters, and how the city progressed from the 60's through the 90's. I actually saw Las Vegas grow and now i'm watching it fall (from a distance) and it saddens me to see this great city melting away.
Artie didn't do the things that Walters did, but it was related. Artie was one of the biggest money movers in Las Vegas, he basically used other peoples money to bet on games and at times bet his own when he liked a side. He bet for Walters, and other big betters like The Poker Players in base ball season and The Kosher Kids in basket ball, plus many other huge betters. Artie was one of the biggest money movers in the history of Las Vegas.
Every thing I wrote is as real as the computer in front of you, and this you can take to the bank.
Trust me, i'm a realist
Billy I.
Originally Posted by Cowboy Dennis
I don't know much about it and I don't pretend to, but from what I've read, he did it a little different. He'd use his own money, 10's of thousands or 100's of thousands to move the line himself. Then when it moved to where he thought it couldn't go higher he'd bet the other way, sometimes up to $1,000,000. He'd occasionally win the "middle" but that was not his main target. He didn't just skulk around weak casinos and find differring lines and bet the middle, he moved the lines himself, with his own money, according to this article on the "Computer Group":
By and large, though, there was little humor in their work. On a Saturday of college basketball they might bet 60 games, which required that they be aware of every injury, casualty and rumor surrounding all 120 teams. They had to chart the movement of the point spreads in various sports books for each game. They had to find the weakest lines, and they had to make and keep track of their wagers by the hundreds. They worked almost every day from September through March. Some days they would start at 6 a.m. and finish at midnight. Always Walters felt obliged to protect the Computer's information from the public, because these numbers were as valuable to him personally as they were to the group. His employees never even heard mention of the name Ivan Mindlin. The voice delivering the daily betting orders was known only as "Doc" or "Cowboy," and Billy Walters would say nothing more to identify him.
Occasionally, however, it paid to be careless. On a Wednesday afternoon, ever so casually, Billy Walters might tell Glen Walker to make a call over to the old Gary Austin Sports Book on the strip. "We want to lay $30,000 on Wisconsin giving 3 to Purdue," Billy Walters would tell him.
Walters knew that several wise guys would be passing time near the counter at Gary Austin's. And they would notice that the line favoring Wisconsin over Purdue would rise to 3 1/2 points. And they would ask who was responsible for moving the line, and they would be told the truth: That $30,000 had just been laid by the computer. And then..
The wise guys would bet on Wisconsin themselves. These wise guys would whisper to other wise guys. Tout services would hear that the computer liked Wisconsin. A run would begin on Wisconsin. News of Wisconsin would spread nationally. By the time word reached the man in Louisiana or the woman in Illinois, there would be no mention of the Computer Group. They would simply be told that they had better get something down on Wisconsin. You can see now that the betting market in Las Vegas is no different than Wall Street. Fed by rumor, speculation and greed, a stock like Wisconsin can grow hot for no substantial reason.
By Thursday or Friday, Wisconsin might be inflated to a 5-point favorite, 5 1/2 in some markets. At this point Billy Walters believed the price could rise no higher, and so he would marshal his forces: "Open order on Purdue taking 5!" In moments, they would be on their speed-dial phones, reaching every available source nationwide, betting as much as they could wherever Purdue was a 5-point underdog. They were a frantic yet focused group inside the "C&B Collection Agency," attempting to flood all the markets simultaneously, before the point spread could drop. Into one phone they would shout a few words and then hang up while dialing another number on another phone, back and forth, until they were frazzled. In two minutes Walters alone could place bets through a dozen beards or bookies.
So: On Wednesday they'd bet against Purdue. to lower its value in the market. Now on Friday they were buying as much Purdue as they could, a grand total of $1 million or more. And wouldn't you know it: Sometimes Wisconsin would beat Purdue by 4 and the Computer Group would win the "middle" — bets on both teams paying off in the same game.
Your interpretation on how Walters moved is spot on, but there were other things that he did as well. I was involved with Walters when he first moved to Las Vegas in the 80's, he didn't have any money and convinced my good friend Chip Reese to bank roll him betting the computer generated games. I went to work with Billy and Chip and was an asset to the way they bet Las Vegas. I personally innovated the two way radio as a strategic way of betting Las Vegas, before then big betters and movers were transmitting their orders with pagers. Artie can verify what i'm saying as the truth. I worked with Billy for 4 years, went to his home regularly, went to the UNLV games with him and quite frankly learned a lot from him. When you walked into his home you would see a large painting of a tiger located in his living room, signifying the mans character, and he was as fierce as a tiger with the way his business would be run. I would do 10 things perfectly and would screw up once and you would of thought by listening to him that I was on the hot seat to be canned.
My good friend Chip Reese passed and I traveled to Las Vegas to attend the funeral at the funeral I bumped into Billy Walters and we talked about the 80's I spent most of my life living in Las Vegas and experienced things there that you only read in books or see at the movies, and yes it's all real. I have stories about the biggest gamblers, best card players, notorious mobsters, and how the city progressed from the 60's through the 90's. I actually saw Las Vegas grow and now i'm watching it fall (from a distance) and it saddens me to see this great city melting away.
Artie didn't do the things that Walters did, but it was related. Artie was one of the biggest money movers in Las Vegas, he basically used other peoples money to bet on games and at times bet his own when he liked a side. He bet for Walters, and other big betters like The Poker Players in base ball season and The Kosher Kids in basket ball, plus many other huge betters. Artie was one of the biggest money movers in the history of Las Vegas.
Every thing I wrote is as real as the computer in front of you, and this you can take to the bank.
Trust me, i'm a realist
Billy I.