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Sports Gambler's Insider Case Proves Good Bet for Prosecutors

  • Billy Walters conviction reverses bad luck in Wall Stret Cases
  • Trial linked Dean Foods trades to golfer Phil Mickelson
Walters arrives at federal court in New York, on April 6.

Walters arrives at federal court in New York, on April 6.

Photographer: Louis Lanzano/Bloomberg
Updated on

Las Vegas sports-betting legend Billy Walters passed along one “sure winner” inside stock tip to Phil Mickelson in 2012, allowing the golf champ to make almost $1 million and repay a gambling debt to him.

Five years later, the 70-year-old gambler could face years in prison after a Manhattan jury found him guilty of making $43 million thanks to another golfing buddy who was the source of boardroom secrets. Mickelson, meanwhile, will be taking swings in third-round play at the Masters tournament on Saturday.