Billy Walters: Gambling Legend {Updated}

On this holiday weekend, a great segment several years ago from 60 Minutes is worth watching, along with an update. 

Billy Walters was at one time considered "the most dangerous sports bettor in Nevada," by the oddsmakers. And this piece examines his methods. Beyond enjoying this segment, it is instructive to try to make connections between Walters' process and the markets. 

Of course, Walters is no saint. To be sure, I am not presenting this piece as a shining example of a speculator. 

Case in point: Look no further than this article as to Walters' present-day situation. 

So, in that regard, this segment is worthwhile for looking at both sides of Walters and the life of a gambler in general. 

Clearly, despite the controversies he faced in gambling he has done a great job in his car dealerships and other diversified business holdings.