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13 members have voted
Love it when an enterprise in this little subculture is acquired in a public stock transaction. Sometimes giving a peek into the reality of their business model as described to potential equity investors, even if it is among outfits traded in the notorious Canadian "pink sheets." This one was bought for a total of $2mil just about 8 months ago, by a kinda-sorta-almost-maybe-quasi-legal web-bookie operation, not long after a few guys cooked up a plan that sounds semi-brilliant when starting 'Dyslexics-Untie' in a little internet venture incubator in Boulder. The plan was to market themselves as a kinda grassrootsie almost counter-culturey sounding "crowd sourcing" concept for the purpose of presenting themselves in a "new-different" way to the pool of (relatively passive & not so inquisitive) sports gamblers.Quote: bazooooka
...However a site called [EDIT: I'll call it DYSLEXICS-UNTIE since I don't like to create free traffic for suchlike] tracks amateur cappers. There are some guys...
Uhh, not exactly, since Billy Walters' money hasn't got a damn thing to do with making sports picks. This is how Billy Walters got one of the big chunks of money he's laundered through his supposed "sports bettor" bullshit, in case you're really interested:Quote: bazooooka
Billy Walters must have been very lucky in your view of the world?
Quote: Steve Miller
In 1999, when Walters bought the city land, "Councilman" McDonald's only income was his $33,000 per year council salary, and he lived in a tiny bungalow valued at $46,140 by the Clark County Assessor.
Today, Michael McDonald is Chairman of the Nevada Republican Party, and lives in Billy Walters' luxurious 2520 Pinto Lane house.
The house is valued at over one million dollars, features a twelve car garage, and sits on an acre in one of Las Vegas' most plush neighborhoods near Rancho and Alta Drives. McDonald's salary as chairman of the state GOP barely covers the estate's utility bills, and he has no other known income.
McDonald purchased the home in 2005, but was about to lose it in a 2009 bankruptcy when Walters stepped in to buy the property while allowing McDonald to remain its sole resident. Its not currently known whether McDonald pays Walters rent for living in the rescued house.
In 1999, Michael McDonald. as a LV Councilman, fought for Walters' ability to purchase the 160 taxpayer-owned acres for only $894,000 ($5,600 per acre) when adjacent land was selling for $30,000 - $40,000 per acre according to county records. McDonald did so based on the promise that Walters would charge low green fees for locals, and accept a permanent deed restriction to limit the land's use to golf course only. McDonald argued vehemently that the $894,000 was desperately needed for parks. He and then-Mayor Jan Jones scoffed at protesters including a certified land appraiser who testified that multiple parks could be built if the city would sell the 160 acres at fair market value.
After the land appraiser told the council that the land was worth more than $40,000 per acre at the time of the hearing, Jones angrily held up a front page article I authored, and said, 'I know what ex-councilman Steve Miller thinks is true, and I take exception. Land is worth what land is worth. You can speculate. Maybe someday this will be worth a lot of money. Maybe it won't."
Soon thereafter, Walters was charging everyone, including locals, $200 - $260 in green fees. Then to add insult to injury, he began selling "golf course frontage" for $130,000 per acre, and later on was accused of letting the fairways and other facilities deteriorate, claiming the golf course was a failure and he needed to have the deed restriction removed so he could redevelop the land into a higher and better use.
In 2005, after many more Bali Hai political fund raisers, Bill Walters was allowed to sell the once-city-owned land for $54 million, the same year Michael McDonald moved into his Pinto Lane estate.