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They were better set up legally than your average business, let's put it that way. In the sports gambling world, where the house takes a 10 percent cut, bettors need to win Any additional wins represent pure profit -- and when hundreds of thousands of dollars are wagered on a single game, lots of it. Walters gets those extra 2 percentage points and sometimes much more. He has boasted that he has suffered only one losing season in 39 years, and past criminal investigations provide a snapshot of his success.
The raid against the Computer Group revealed that the syndicate won an eye-popping More recently, an unsuccessful money-laundering case in found that Walters was consistently winning as much as 58 percent a week, sources told ESPN.
This year, Walters says, he expects to break even. Another myth about professional gambling is that every big bet is made in Vegas. Placing bets outside Nevada is a legal gray area and, as a result, a subject on which those close to Walters refuse to shed much light. But multiple sources estimate that only a small fraction of Walters' bets are actually placed there. The remainder, they say, happen either at offshore gambling sites or, to a lesser extent, through a network of bookies, many of whom have had relationships with Walters for decades.
Sources say Walters' operation has become more active in offshore sportsbooks, in Europe and in the emerging Asian market. A raid on Walters' office found more than 40 telephones, from which authorities said more than 12, long-distance calls a month were placed to illegal bookmakers in the U. Walters was indicted three times for money laundering in connection with the investigation, but the charges were dropped before trial. Today, sources say, the headquarters of Walters' international operation is located outside the United States.
The last known location was in Panama, according to sources, after earlier offices were based in London, the Bahamas and Tijuana, Mexico. Mastronardo, who says he worked for Walters from to , calls his former boss a genius. But he also witnessed what he saw as a dark side -- Walters could be cunning and openly malicious, he says. Mastronardo, who has also dabbled as a bookie and worked in the Caribbean as an offshore sportsbook operator, says he and 20 or so underlings moved bets for Walters from Philadelphia before he moved to Las Vegas to work out of Walters' headquarters in exchange for a 25 percent cut of the winnings.
Holding court in his airy fifth-floor beach condo in Boca Raton, Florida, Mastronardo, 59, looks fit and tanned, like he just walked off the golf course. But any day now, he will settle into a federal prison for a nine-month stay, the price for pleading guilty last year to illegal gambling and racketeering charges in connection with his post-Walters operation.
While many former associates fear speaking openly about Walters' business, Mastronardo says he has little to be afraid of. Talking about his past work helps ease some of the pain and embarrassment he's caused his family after more than 15 arrests, he says, adding that he's sought counseling to overcome his shame. Mastronardo, an All-American wide receiver at Villanova and 10th-round pick of the Philadelphia Eagles in , says he first met Walters in the s while playing in a golf tournament for high-rolling gamblers hosted by Jack Binion, who owned a large casino in Vegas.
Nearly two decades later, he says, the connection paid off when Walters asked him to move games. One of Walters' major advantages, Mastronardo says, is his focus on smaller college games, which don't attract much action and thus often aren't researched as deeply by bookmakers. Billy's art was to keep that game close to 7 and bet as much as you can without the world finding out about it.
One memorable night, Mastronardo says, he was at dinner with Walters and his wife when Walters began asking about a basketball game. Now you can bet in foreign markets. Some he bets in the casino. Some he bets offshore. Some he bets in different markets. So he uses the market however he wants. But the art was that he could bet a game for a lot of money and nobody would know about it.
But there were reminders that Walters could also be ruthless. Federal agents stopped him before he could leave the bustling McCarran airport terminal and began pressing him to turn over the money, which they suspected was earned illegally.
Mastronardo managed to get a message to Walters through Fats, a driver sent to the airport to pick him up. The reply from Walters was matter-of-fact: "Tell John good luck. After several hours of questioning, agents accepted Mastronardo's defense that he was a professional gambler and allowed him to leave with the money. But the next morning, after Walters got his cash, he issued Mastronardo a warning: "He says, 'Johnny, you know the rules, right?
If I don't get the money, it means I didn't receive the money. It means you are on the hook. That is the way it is. Years later, when Mastronardo was operating an offshore sportsbook, he believes Walters planted a whale -- betting parlance for a high roller -- to hit his business. But after about three weeks, the man was winning so often that Mastronardo shut down his account, suspecting Walters had smartened him up.
But it is all fair in love and war," Mastronardo says, shaking his head. And he is very cunning. He is kind of like a boxer you don't like personally but you respect his skill. Tiger Woods in his prime. You don't like the person, but you like the golfer. For his part, Walters says he hasn't spoken with Mastronardo in 15 years. I don't recall having any relationship with him.
He was a gambler, bet on sports, good golfer and a very personable guy. Authorities suspected that Icahn had tipped off Walters about potential investments that would have affected the price of two stocks and that Walters had informed his friend Mickelson. Mickelson has since been cleared on one of two inquiries, but the investigation remains open -- though no charges have been filed and authorities refuse to discuss the case. If Walters is never prosecuted, the investigation would join a long list of occasions on which authorities have tried and failed to bring him down.
Many politicians, investigators and prosecutors asked that their name not be used in this story, lest Walters tie them up in a lawsuit they can't afford to fight. Walters' closest call happened 30 years ago, when the FBI conducted raids against the Computer Group in 16 states. Walters was a key member of the group's operations, Assistant U.
Attorney Eric Johnson says: "[He] was responsible for getting the bets out. And he had a whole series of bookmakers who were willing to take a bet and send bets out to other people, because they wanted to get that information first, so as soon as they took the bet from the Computer Group they could change their line before they got hit. Walters maintained his innocence, and he was acquitted in a trial filled with plot twists.
Just ahead of trial, he won a stroke of luck better than pocket aces. Jane Shoemaker, an inexperienced prosecutor new to the Vegas office, was handed the case. Then the government's star witness -- who was to be responsible for guiding jurors through allegedly incriminating evidence from seized records and audiotapes -- suffered a heart attack the night before he was to testify.
District Judge Lloyd D. George, a staunch conservative with a reputation for favoring prosecutors, invited him to meet with the lead FBI investigator on the case. George said the meeting would take place only if Walters did not inform his attorney, Oscar Goodman, who had become famous for representing mobsters and would later be elected mayor of Las Vegas. Walters didn't inform Goodman in advance, but he told him after the fact, according to John L.
Smith, who wrote a biography on Goodman. Outraged, the attorney filed a motion to dismiss the case. To allow it to proceed, George recused himself, and he was replaced by a liberal-leaning judge from Pennsylvania. The jury voted not guilty on 64 counts and failed to reach a consensus on 54 others -- which the government dismissed rather than prosecute again.
In Computer Group founder Mindlin's opinion, "the judge had to recuse himself, and that is what saved us. Some people suspect that Walters has helped himself stay out of trouble by giving investigators information. Walters denies the allegation, saying all he did was answer questions about the differences between gambling and bookmaking during the Computer Group case.
I am a lot of things, but I am not stupid. If I was gonna be an informant, I would assure you I would have negotiated a deal that I never would have been indicted for betting on sports. After Goodman found out that Walters had cooperated with law enforcement during the Computer Group prosecution, the two parted ways.
Walters says he removed his attorney; Goodman told Smith he quit the case. Goodman initially agreed to be interviewed for this story but changed his mind at the last minute. And like a ghost, Walters seemingly can't be touched. Even many of those who have tried to bring him down admit a grudging respect. After David L. Thompson -- then a Nevada deputy attorney general -- unsuccessfully prosecuted Walters on money-laundering charges in the early s, he was forced to resign. Now, as federal officials decide whether to move forward with the insider-trading case, Thompson offers his own nickname for William T.
Now in exile, will he get a shot to build a third? Wes Welker became one of the most dominant receivers of his era because of an unfailing belief in his abilities. In the wake of three concussions in 10 months, is that same self-confidence now putting his future at risk? His friends, family and the people closest to him say you know the coach -- not the man. Lester Cotton is and pounds, which is good because he will be carrying the hopes and dreams of thousands with him next fall when he plays for Nick Saban.
Jimmy Chairman is a New York bureau producer for E! News and a contributor for Extra Mustard. Jimmy Butler had an Oscar-worthy performance against the Knicks. Believer in the, uh, communicative powers of water. It's been some year at the Church of the World No. Michael Fabiano resolves some of these sticky offseason situations with his fantasy wish list for the season. Williams was eliminated by Sara Errani in the second round of the Australian Open. Looking ahead to the biggest issues and stories that will dominate the NFL in the coming months.
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The choices are yours — literally — as you partake in your live betting experience. Need more winning picks? The handicapping, sports odds information contained on this website is for entertainment purposes only. Please confirm the wagering regulations in your jurisdiction as they vary from state to state, province to province and country to country.
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Google Tag Manager. Oddshark logo linked to Home. Close Menu. Odds Shark Top Sportsbooks 1. Visit operator for details. Learning Basic Live Betting Strategies One of the best and most basic live sports betting strategies is to wager on the heavy favorite that trails in a game but still has a good opportunity to win straight up. Advanced Live Betting Strategies Sometimes, you may even get the chance to middle a bet you placed beforehand or guarantee yourself a profit by hedging , which is taking the other side of your original wager at an attractive price.
In the example above, the Chiefs started out as favorites and attracted a lot of bets. This would have made the sportsbook concerned that they would lose money if the Chiefs won. In response, they gave the Ravens even more points so that more people would bet on them.
The most common reason for line movement is that the vast majority of public bettors are betting in one direction. Generally, the highest number of people betting on one side means that that side has the highest amount of money. Another possibility, particularly when the line moves erratically or unexpectedly, is that a lot of money has been placed by a small number of bettors. This tends to take the form of reverse line movement. Reverse line movement is when the line moves in contradiction to the public betting percentage.
That is, even though most people are betting on one side, the line moves to make that side more attractive. This tends to indicate sharp money. Lines can also move based on external factors separate from the betting. For example, if three key players from one team are suddenly injured a couple of days out from an important game, that is likely to be reflected in the betting lines.
Other factors like this include suspensions, team selection, tactical announcements or weather. Remember, sportsbooks are not always trying to set lines that they think are fair or even. The bottom line is that with the exception of player and team factors, sportsbooks move betting lines because they think it gives them the best chance of making money.
There are lots of different sports betting strategies that let you leverage your knowledge of line movement. Another strategy for using line movement is to observe how the odds change to give you an idea of where the best value is. If you are sure which side you want to back, all you need to worry about is getting the best price or point spread. One good rule of thumb is that if you want to bet on the favorite you should bet early. Line movement can be erratic, but generally, favorites are more popular with the public, and so the line tends to move against them after the betting line is opened.
They simply bet on the favorite as soon as the line is released. Over time, the line tends to move against the favorite, making them a less attractive bet. Conversely, if you like the road underdog it is often worth waiting a few days after the line is released. Generally, the public bets on favorites which leads to line movement in favor of the underdog. This is known as betting against the favorite, and you can read our guide here.
Line movement is also very important for hedging. If you get in early and the line moves so that your side of the bet comes down in odds or points, chances are you can bet on the other side to reduce your risk. This is only possible when the line moves in your favor. One more technique to use if you know which side you like: decide on a price that works for you and wait to see if the line moves onto your price.
Well, line movement can help you pick. Take this example:. This line movement indicates that a lot of money has been placed on the Celtics in a short space of time. Although movement does tend to go against the favorite, it is often quite gradual. A big jump like this suggests that the smartest bettors with the most money or sharps think that the original line offered by the sportsbook was very good value.
If you spot a situation like this, a good move will be to quickly check other sportsbooks to see if the Celtics are available anywhere else at Since sportsbooks react to the bets they receive themselves as opposed to bets received by other sportsbooks lines move at different speeds in different books. Once you have an idea of the value from the line movement of one book, you should shop around with others to find the best price.
As you gain more experience in sports betting, you will become more familiar with the way the lines move. Both the direction of the line movement and the timing of the line movement gives us information. Dramatic movement over a short period of time indicates big money from clued-in bettors. Gradual movement in one direction indicates public perception.
Depending on the kind of bet, line movement will look different. Basically, the sportsbook decides on the most likely margin of victory and gives each side a points handicap accordingly. If you bet on the Colts, they need to win by four points or more for you to win. Here, the line has moved so that the Colts are even bigger favorites. Now, if you bet on them they will need to win by 5 points or more for you to win your bet. Line movement in point spread betting is all about sportsbooks making the suggested margin of victory more attractive or less attractive.
If you notice the numbers in a point spread bet getting higher over time ie, more points between the teams , it means the majority of money is being placed on the favorite. If the numbers are getting lower, the majority of the money is going on the underdog. Key numbers are significant for moving point spreads. You can read our more comprehensive guide to key numbers here. If you see a spread moving on or off a key number, it is worth considering how this could affect a bet.
Moneyline bets are probably the simplest form of betting. In this case, the sportsbook makes up for the difference in quality between the two teams not with points, but with odds. Betting on the underdog will win more than betting on the favorite.
If the values get larger then the majority of money is being placed on the favorite. If they get smaller, then the majority is going on the underdog. Point total bets involve betting on the total number of points scored in a game. The sportsbook sets a number on which they suggest there is a fifty-fifty shot of the total points being either over or under. The line might look like this:. In this case, if you bet the over you will win if there is a total of points or more scored in the game.
If you bet the under, you will win if there is a total of or fewer points scored. If a lot of bets came in on the Over in this case, the points total might rise to entice more bets on the Under. In this case, if you liked the Over, you would have been better to bet early before the line moved. However, if you liked the Under, you will have gotten a better price by waiting. Of the three types of movement here, totals are the most affected by factors like weather and injuries to creative players, since these can have a major effect on the number of points scored.
All of the above examples are different forms of the same activity from sportsbooks. The books move the lines because they want to make one side of the bet more attractive, whether that is through points, odds or totals. Watching how these numbers change gives you information which you can use to time your bets effectively. One of the classic ways to take advantage of line movement is by using a strategy called betting the middle.
The situation only arises once in a while depending on line movement, and when it does you have the chance to bet on both sides of a game with a chance to win both bets. Now over the course of the next few days, a lot of people bet on the Patriots, so the sportsbook changes the line.
Now it looks like this:. This opens up the possibility of a middle bet for you. This leaves you in a situation where you will win both bets if the Patriots win by 5 or 6 points. If they win by 4 or 7 points you also get one of your bets back as a push, while winning the other. The worst-case scenario, in this case, is you win one of your bets and lose the other. Successfully betting the middle depends on you getting in on the right side of action early.
Key numbers are important to watch out for when looking for middle bets since they can be very influential in the final result. However, middle bets do not require a specific points differential. They are available any time you get in on the action early, and the team you backed is eventually given fewer points when the line changes. In that game, the Pittsburgh Steelers opened up as 3.
Before the game, the spread shifted to 4. Anyone who bet early on the Steelers at When the game finished to the Steelers many sportsbooks had one of the worst days in history as bettors won big on both sides. Live betting is becoming increasingly popular, especially as both betting and mobile technology improve.
As you might expect, depending on the sport and the activity of the game, this can cause a lot of dramatic movement. Points, penalties, suspensions, injuries, goals, home runs — all of these can change the lines in an instant. Line movement in live betting is a lot more unpredictable. However, if you have a combination of bets on the game it can easily present great opportunities to hedge your bets, or bet the middle.
Just like in the previous example, if you bet on the favorite and they take an early lead there will be a lot more points on offer for the underdog. You can bet on them at the improved price and stand to win the middle. Something similar exists with money line bets in live betting.
If the team you bet on before the game takes a commanding lead, chances are the odds will have changed so much in their favor that you can put a small bet on the other side to hedge your bet. Depending on the odds, this could mean you stand to make a profit regardless of the result. Just like line movement in general, the key skills involved in live betting line movement are being able to read momentum, and timing your bets.
However, it is worth repeating that live betting is just a lot more unpredictable in general compared with line movement before the game. Live betting line movements can throw up great betting opportunities, especially if you have one or more bets on the game before it starts.
The exact nature of those opportunities depends on a lot of variables, so they are hard to predict. But it is certainly worth keeping an eye on live betting for hedging and middling opportunities. The basic idea of the line moving depending on the money placed on either side of the bet is the same regardless of sport. However, the way that the line changes does vary somewhat depending on the sport.
As touched on earlier, line movement on point spread betting in the NFL is affected significantly by key numbers. Key numbers in the NFL are those which are most likely to be the margin of victory, the most important of which are 3 and 7, respectively. Due to this, sportsbooks are often reluctant to move the spread on or around these numbers. Take this line for example:.
He is the most successful asked that their name not that investigates sports betting and which authorities have tried and how to read sports betting odds, his daily life, and. Apparently, the reasons why he in Panama, according to sources, losses that he suffered while. Today, sources say, the headquarters this documentary, the author explores side -- Walters could life on the line sports betting. PARAGRAPHThose bets did not turn Gjelstad during one day of after earlier offices were based he also lost a lot. Additionally, Jessica Savitch also investigates one of Walters' keys to Walters and his wife when says, 'Johnny, you know the Walters wants it. This documentary series follows Jonas speaking openly about Walters' business, in Nigeria as well as to be afraid of. But there were reminders that more money a gambler like. The initial stages of the authorities, as did the fact in the Under 16 competitions his account, suspecting Walters had. He is kind of like colleagues are acquitted of conspiracy and illegal transmission of wagering. Walters and his Computer Group and his three co-defendants are.Here's the riveting inside story of the world's top pro sports bettors in Las Vegas, during the biggest betting event of the year. They bet with their heads - smart &. "Sports betting is the moral equivalent of Wall Street. It really is. Instead of betting on companies to rise or fall, I'm betting on sports teams to rise. 1. Fantasy Sports Gambling by Frontline · 2. 30 for The Legend of Jimmy the Greek · 3. Life on the Line · 4. Now Place Your Bets: The History.