On a Wednesday afternoon, ever so casually, Billy Walters might tell Glen Walker to make a call over to the old Gary Austin Sports Book on the strip. "We want to lay $30,000 on Wisconsin giving 3 to Purdue," Billy Walters would tell him.
Walters knew that several wise guys would be passing time near the counter at Gary Austin's. And they would notice that the line favoring Wisconsin over Purdue would rise to 3 1/2 points. And they would ask who was responsible for moving the line, and they would be told the truth: That $30,000 had just been laid by the computer. And then..
The wise guys would bet on Wisconsin themselves. These wise guys would whisper to other wise guys. Tout services would hear that the computer liked Wisconsin. A run would begin on Wisconsin. News of Wisconsin would spread nationally. By the time word reached the man in Louisiana or the woman in Illinois, there would be no mention of the Computer Group. They would simply be told that they had better get something down on Wisconsin. You can see now that the betting market in Las Vegas is no different than Wall Street. Fed by rumor, speculation and greed, a stock like Wisconsin can grow hot for no substantial reason.
By Thursday or Friday, Wisconsin might be inflated to a 5-point favorite, 5 1/2 in some markets. At this point Billy Walters believed the price could rise no higher, and so he would marshal his forces: "Open order on Purdue taking 5!" In moments, they would be on their speed-dial phones, reaching every available source nationwide, betting as much as they could wherever Purdue was a 5-point underdog. They were a frantic yet focused group inside the "C&B Collection Agency," attempting to flood all the markets simultaneously, before the point spread could drop. Into one phone they would shout a few words and then hang up while dialing another number on another phone, back and forth, until they were frazzled. In two minutes Walters alone could place bets through a dozen beards or bookies.
So: On Wednesday they'd bet against Purdue. to lower its value in the market. Now on Friday they were buying as much Purdue as they could, a grand total of $1 million or more. And wouldn't you know it: Sometimes Wisconsin would beat Purdue by 4 and the Computer Group would win the "middle" - bets on both teams paying off in the same game.
Now and then, Billy Walters fooled his own employees. Glen Walker recalls more than one occasion when Arena Haaheim laid his own money on the first team (in this case Wisconsin) only to find out later in the week that the Computer had preferred the opponent (Purdue) all along. On Saturday they would sit in Billy Walters home and watch the game on television. "Arena, what's the matter?" Walters would say. "I don't see you cheering over there."