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Billy Walters, perhaps the most notorious sports bettor in the world, says there's a reason he was drawn to Phil Mickelson: he saw value in how the legendary golfer was known as a crummy gambler with a big wallet.

In 2024, Walters, along with Billy Baxter, "Roxy" Roxborough, and "Lefty" Rosenthal, was inducted into the Sports Betting Hall of Fame at the Circa Hotel and Casino in Las Vegas. His plaque reads: "BIlly Walters is known for being the greatest sports bettor of all time.

For example, 3/1 odds mean you profit three times the amount you wagered. AR$1 bet at 3/1 would pay outR$4 in total, or aR$3 profit and yourR$1 original wager. Conversely, 1/3 odds mean you profit a third of what you wagered. AR$30 bet on 1/3 odds would returnR$40 total, or aR$10 profit and yourR$10 original wager.

1) Team/player Performance: Bookies closely analyze the performance of teams and players involved in a particular event. They assess recent form, past results, and overall skill levels. Stronger teams or players are likely to have lower odds, reflecting their higher chances of winning.