What is a Bettor?
A bettor is a person who places a bet or takes part in the act of betting. The term bettor can refer to a person who places a wager in a variety of different betting situations. Also known as a “gambler”, a bettor will place a bet with the hope of gaining a financial profit from the wager.
A bettor can refer to a person who places either money or items of value against odds on an event with uncertain outcomes, such as a football match. Bettors will generally place their wagers with official betting agents – also known as bookmakers or “bookies” for short.
Bettors can also refer to people who gamble in casinos, online or in unofficial betting situations – such as a poker game – as long as there is either a financial or valuable “stake” placed on the outcome of the situation. Whilst most bettors are casual and legal gamblers, some people have become professional gamblers or “bettors” – making a full-time income through the act of betting, either legally or illegally.
One of the most famous, professional sports bettors in the world is Billy Walters, who has been beating the odds for decades. Walters was a member of the now infamous “Computer Group” – who used a statistics-based sports betting system to predict the outcome of college football. Along with the Computer Group’s founder Michael Kent and other members, the group is believed to have earned almost $15 million from wagers – making them the most successful bettors in known history.
The activities of the Computer Group were noticed by the FBI, who eventually arrested Walters and other key members, believing that the group was running a Mafia-backed illegal bookmaking operation. Despite being eventually acquitted of all charges, the Computer Group dissolved soon after, but the members and their hugely profitable betting system remain legendary in the gambling world today.