A Life On The Line
By Mike Fish
ESPN The Magazine
“Even the greatest gambler of all time doesn't always win -- but he doesn't have to. In the sports gambling world, where the house takes a 10 percent cut, bettors need to win 52.38 percent of their games to break even. Any additional wins represent pure profit - and when hundreds of thousands of dollars are wagered on a single game, lots of it.
"The average guy on the street might be disillusioned if he knew the actual winning percentage," Malinsky says of Walters' consistent but seemingly modest success against the line. "What people don't understand is that the difference between winning 53 percent and 55 percent is like swimming the Atlantic Ocean."
"Walters gets those extra 2 percentage points and sometimes much more."
“…the syndicate won an eye-popping 60.3 percent of its college football picks one season. More recently, an unsuccessful money-laundering case in 2002 found that Walters was consistently winning as much as 58 percent a week, sources told ESPN."
The ESPN Mag article above is about Billy Walters.
Billy Walters on 60 Minutes