Breaking his silence

Billy Walters, accredited by ESPN as “the world’s most successful sports bettor,” has revealed his top tips to achieve profitability in sports betting.

Because sports betting only recently expanded on a national scale and many states are still yet to legalize the pastime in their jurisdictions, a majority of bettors are unaware that they are stepping into a system that is skewed towards the house.??

for most of these people, they have no chance to win”

“With the expansion of sports betting, legalized now in most states in the United States, you have a lot of beginning bettors,” Walters told Yahoo! Sports. “Frankly, the way this thing is set up for most of these people, they have no chance to win. I mean, zero.”

That’s where Walters’ book, Gambler: Secrets from a Life at Risk, can offer a variety of lessons.

Winning in sports betting: Billy Walters tells all

Gambler came out on Tuesday. In it, Walters talks about some his favorite stories, including gambling with Phil Mickelson, his crazy endeavors, and his best tips and tricks for all sports bettors.

Walters famously harbored his secrets to beating the sportsbooks for decades so that he could stay ahead.

“I wouldn’t have put this gambling information in a book 10 years ago for $10 million,” Walters said his phone interview with Yahoo! Sports. “I wouldn’t have even considered it.”

But what are those tips that made Walters a legend at sportsbooks across the country? They’re not as complex as you may be inclined to believe.

1) Practice line shopping by using multiple sportsbooks. 

Line shopping is a common tip recommended for sports bettors of all experience levels—but many don’t realize just how crucial it can be to increasing their bottom line. Line shopping entails checking betting lines for the same event at multiple sportsbooks to find the most profitable value.

more value to the bettor

For example, the Kansas City Chiefs might be -130 moneyline favorites at one sportsbook and -120 at another, and since the second one offers more value to the bettor, they’d hurt themselves by not taking that opportunity. Similarly, the Chiefs might be two-point favorites on one book and 1.5 on another, which means the second book is offering a better deal.

2) Manage your bankroll

People budget for everything: a new car, going to the dentist, grocery bills, it’s all a part of a basic budget. Sports betting works the same way, and Walter recommends never risking more than 1-3% of a bankroll on a single bet.

He also warns against chasing losses, or placing unplanned bets immediately after a loss to try to “win back” the lost money.

“We all let our emotions take over from time to time — I don’t do it anymore, but I did when I was much younger — you lose three or four games on a Sunday all at once, and it’s Sunday night and you’ve got no opinion at all but you’re going to double up and catch up and get your money back, and the same thing goes for Monday night,” Walters said. “That’s suicide if you do that.”

3) Avoid parlays and teasers

Parlays are usually a trap that new bettors fall into. Social media has fostered a widespread interest in becoming an overnight sensation by winning low-stakes high-payout parlays, but the reality is that the odds are incredibly stacked against anybody trying to out-luck the sportsbooks.

you can’t win on parlays and teasers”

“Parlays and teasers are fun bets, and getting a bigger payout than what you bet is fun,” Walters said. “But bottom line is, if you’re going to bet on sports and you want to give yourself a chance to win over a period of time, at the current odds you can’t win on parlays and teasers.” 

4) Always do your research

Knowledge is power. In life, and in sports betting. 

Walters said that being as up-to-date as possible on the latest information and trends is the best way for bettors to gain an advantage over the operators. He and his team used to collect newspapers on flights to Las Vegas and would pour over the sports section to gather as much information as they could.

“I think we’re all equal. That information is out there for everyone,” Walters said.