Trump Commutes Legendary Sports Bettor Billy Walters Sentence

Just before leaving his office for the final time, outgoing President Donald Trump commuted the sentence of legendary Las Vegas sports bettor Billy Walters. Walters is now among more than 140 individuals, including ‘Lil Wayne, who received pardons or commutations from Trump.

Billy Walters insider trading case

Walters transitioned to the stock exchange to earn a living after retiring from sports betting. However, in 2017, a federal jury found him guilty in relation to an insider stock trading case.

The ex-professional sports bettor was convicted on all 10 counts he was accused of, in relation to a $40 million insider trading scheme that ran from 2008 to 2014.

The national attention on the charges against Walter was partly due to the involvement of professional golfer Phil Mickelson. However, Mickelson, also known as Lefty, was not implicated in the insider trading scheme.

It is alleged that Mickelson received an insider tip from Walters about Dean Foods. The pro golfer is reported to have made a profit of $931,000 after selling the stocks. Further allegations suggest that Mickelson used these earnings to repay Walters for gambling debts.

Billy Walters released from prison early

Billy Walters was freed from prison in May 2020 after serving merely 2.5 years. He was expected to complete the remainder of his sentence at his Carlsbad, CA home. Walters’ home-based sentence term has now come to an end.

The commutation of Walters’ sentence was supported by former Senate Majority Leader Harry Reid of Nevada, former Nevada Gov. Jim Gibbons, former Nevada Rep. Shelley Berkley, and former Clark County Sheriff William Young.

Walters expressed his gratitude to President Donald Trump on Tuesday for granting him clemency and restoring his freedom.

“I express my gratitude to the President and deeply appreciate the enduring support from friends and family, particularly my wife, Susan.”

I have endeavored to live a life characterized by empathy and care for others, and I trust that these attributes, coupled with the government’s inappropriate actions that resulted in my unjust conviction, persuaded the White House to show me mercy. I also desire that this acts as a potent warning to law enforcement to avoid unlawful behavior when tracking their targets. I eagerly anticipate my exoneration as I proceed with my civil damages lawsuit in federal court.

Walters’ sentence commutation doesn’t erase everything; this case will still remain on his record.

Billy Walters: Legendary sports bettor

Growing up in rural Kentucky, Walters had a modest upbringing. After being convicted for a minor gambling offense, he departed from his home state in the 1980s.

After relocating to Las Vegas, Walters went on to become the most famous sports bettor. He joined a group that utilized computer algorithms for sports betting, a revolutionary method for that time, which led to substantial wealth.

In a 2011 interview with 60 Minutes, Walters stated that he had never experienced a losing year in sports betting. He further claimed that in a successful year, he could make up to $50 million from sports betting.

In 2016, Walters officially retired from his career in professional gambling.

Walters, over the years, turned into a dedicated philanthropist. His endeavors contributed to generating over $50 million for Opportunity Village, a nonprofit based in Las Vegas. The organization offers employment, vocational training, and recreational services to individuals with intellectual and developmental disabilities.