Welcoming Uncle Billy home:
Walters was originally supposed to be released from "prison" (he's at a summer camp, as they say) in February of 2022. I, assume, this early release was due to good behavior and the coronavirus pandemic.
Walters went away not for illegal sports gambling, but insider trading. As the story goes, Phil Mickelson (yes, that Phil Mickelson) owed Billy Walters a massive amount of money in gambling debt. Walters, who was good friends with an executive at Dean Foods, gave Mickelson an inside tip on the stock price of Dean Foods, so that Mickelson could make some quick money to give to Walters.
SOURCE-That inside information concerned Dean Foods' plan to spin off one of its profitable food units. In 2012, Mickelson started purchasing $2.4 million of Dean Foods' shares before the spinoff announcement. Weeks later, after the announcement, Mickelson sold his Dean Foods shares for a $931,000 profit (according to the SEC). Mickelson paid back his gambling debts to Walters a month later.
Walters is much more known for being one of the sharpest gamblers to ever exist. He created his own syndicate, "The Computer Group." 60 Minutes once did a piece on him:
Nice to have Uncle Billy back. He's what every sports gambler dreams they can become. Hopefully, one day, he'll write a tell-all book.