Ex-NBA star went from $108 million to bankruptcy

Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could even dream of when he grew up in a poor Chicago neighborhood. The economic chaos caused the implosion of Walker Ventures, his Chicago real estate firm.

But first Walker had to figure out how he went from fat NBA paychecks to financial rock bottom.

“I gave them whatever they wanted and spoiled them. Instead of thinking about the future, he spent lavishly on cars, jewelry and homes.

But like many professional athletes who experience a sudden explosion of wealth, it was all gone in an instant. “It ended up being an open ATM throughout my career.”

He also lost large sums of money gambling, although Walker insists this wasn’t the main cause of his financial collapse and that media reports are overblown. He estimates he helped about 30 people move to “better situations.” He gave cash to many of them — often without holding them accountable.

As if that wasn’t bad enough, Walker had unwisely put up his personal financial portfolio as collateral.

As part of his gig with Morgan Stanley, Walker recently spoke to athletes at Boston College and the Seattle Seahawks about his mistakes.

Walker filed for bankruptcy in 2010.

CNNMoney (New York) First published July 24, 2015: 9:29 AM ET

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Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft. Despite pulling down more than $108 million during his career, Walker filed for Chapter 7 bankruptcy in 2010, just two years after retirement.

“I created a very expensive lifestyle. “Be prepared to use that word a lot,” he said.

Given his humble beginnings, Walker wanted his friends and family to enjoy his riches as well.

Related: Tiger Woods is THE worst highest-paid athlete

Real-life parables: Now that he’s out of bankruptcy, Walker is working to educate future sports stars. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006. Walker quickly became a basketball superstar.

“I thought I was set for the rest of my life,” Walker told CNNMoney.

Advice for today’s stars: Walker has two simple pieces of advice he hopes the younger generate walks away with.

The hope is that these “real-life parables” from Walker and Scott will educate the younger athletes, Drew Hawkins, head of Morgan Stanley’s global sports and entertainment division, told CNNMoney. “My story is sad. Walker didn’t serve jail time due to a plea agreement, but the former NBA star was ordered to pay off gambling debts. A year later he pleaded guilty to felony bad check charges, according to court filings.

“We got caught in the recession.

Related: Andy Roddick: Safe investments can be sexy

Real estate firm goes bust: The real catalyst, Walker said, was the Great Recession. It went bad.

“These individuals are forced to make decisions as teenagers and these decisions impact them for a long time,” said Hawkins. Walker and former NFL linebacker Bart Scott recently teamed up with Morgan Stanley Global Sports & Entertainment to bring real-life lessons to today’s players. He’s working on “Gone in an Instant,” a documentary about his personal boom-to-bust tale. That’s how you lose your wealth real bad at the beginning,” Walker said. He ended up being forced to pay back about $20 million to banks.

2) Think about the future, not just the here and now.

1) Get the word “no” in your vocabulary when dealing with friends and family. You can’t do that,” Walker said.

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. “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids,” Walker said. It’s sad to see other guys work so hard throughout their life — and then they just lose it in two or three years.”

That’s why Walker, now 38, is now working to steer young athletes away from the mistakes he made.

Related: Ex-NFL star: ‘I had to start over and pick up the pieces’

Cars, jewelry and homes: As with many other sports stars, instant wealth meant instant luxury for Walker. We had a ton of undeveloped real estate. The banks wanted their money back,” he said

Thing’s To Do In Vegas When You’re Wed

A little advice first though; make sure to take a couple of rolls of quarters and some single bills with you, as this will allow you to drink on the cheap. 

There is some fantastic daytime musical entertainment in the casino’s and bars that line the Strip, all of which are free for anyone to go in and watch. And then there are the chapels; hidden among the drive-thru wedding places and chapels that have fat Elvis marry you, there are a few real gems. Sure you may roll snake eyes every once in a while, but there is also the chance that you will find blue eyes that you would be willing to stare into until you draw your last breath.

A lot of huge celebrities visit Vegas regularly, especially on a big fight night, but by day your best chance of cozying up to a star is to get your picture taken with one of the look-a-likes. Folks in Vegas can’t resist a newlywed, and you’ll have no problem talking them down, especially if you gush about how beautiful your new wife is.. If you would like to have a drink while you dance, then hit the nearest slot machine, drop a few quarters, and wait for the waitress to come and take your order. There are Elvis’s everywhere, but keep your eyes peeled and you might just land a cool photo op that will fool your friends.

A Little Romantic TimeVegas by night.

If you are looking for a perfect way to get out of the desert heat for a bit, then it’s fun to explore the inside of the hotels. People tend to think of Las Vegas as a place that comes alive at night, with nothing to do during the daytime but sit and gamble. There are those who would choose to play it safe, and never take the chance at rolling the dice, but where’s the fun in that. This offers a great opportunity for you to test your haggling skills, as most shop owners are more than willing to negotiate a price on anything in their store. That doesn’t mean that the new happy couple should split whatever money they have left and go their own way. Instead, I recommend finding a slot machine game that is fun (Monopoly is my personal favorite) and then sitting side by side and playing together. 

The Vegas Strip looks totally different without the neon glow, but if you take your time to stroll up and down the street, you can see a lot of things you would otherwise miss at night. If you are looking to save time as well as money, then try to locate a chapel that is close to city hall, as you will have to take care of all your marriage licenses and paperwork, then drop it off at the chapel. Vegas vacation packages tend to either run from Thursday to Sunday or Monday to Thursday, with the latter costing much less. Gambling is a lot like love; you can’t win if you don’t take a chance.

A newlyweds guide to Sin City.

Las Vegas is a city that’s not exactly known for its romantic side, yet hundreds of thousands of people flock there very year to tie the knot. It’s amazing what you can find, and maybe you’ll even be lucky enough to find a great, affordable piece of art that looks just like your new bride. There are a lot of unique stores located inside the Las Vegas hotels, and they never ever seem to be crowded. It’s best to get down there a day or two in advance so that you don’t have to stress about it on your big day.

A Little Fun After The Wedding.Eat, drink & hang with the stars.

If you are heading to Vegas with the sole purpose of getting married, then you are missing out on a great opportunity to have some fun. That perception is generally spoken by people who have never been, or whom partied a little too hard at night and missed everything that the daylight hours had to offer.

It’s always best to wait until the last night to have some gambling fun, as you know exactly how much money you have left at that point, and it’s wise to never bet more than you can afford to lose. The hotel is beautiful in itself, but when the music starts to play, and the water starts to dance, it becomes a moment that truly encapsulates the romance of Vegas, and perhaps explains why so many are drawn there to wed.

A Little Gambling AdviceSave it till the end.

Heading to Las Vegas to get married is a wholly different proposition than going there with a bunch of the boys, or girls, and the goal becomes avoiding trouble rather than seeking it out. Best of all, they will put together a package that includes flowers, video, photos, a limo ride to and from your hotel, and even a live internet feed so that family can watch, no matter where in the world they are located. If you are not dead set on a weekend wedding, then you can save some money tight of the bat. Las Vegas hotels will up their rates for the weekend, which means that you can get a great hotel like the Luxor at an incredible price if you are willing to forego the weekend.

The magic of Las Vegas truly is at night though, and if you want a special moment with your loved one, where you can seem to feel as though you are the only people there, despite being surrounded by a throng of tourists, then I suggest the water show at the Bellagio Hotel. Booze is free as long as you are gambling, but be sure to give the girl a tip when she brings it. The show runs every 15 or 20 minutes, and the key is to get there early so that you can get a spot near the front. I understand that doesn’t necessarily make it free, but it’s a lot less than you would pay at the casino bar.

The same rules apply for flights, and a Monday departure will not come anywhere near as expensive as a Friday or Saturday flight. That doesn’t mean that you shouldn’t enjoy some of the city’s sins, and the easiest way to do that is with a spot of gambling. Many of them have really cool little features inside, such as gondola rides at The Venetian, and an indoor thunderstorm at Planet Hollywood, but it’s actually fun to just take a peek into some of the shops. It may seem odd that a city that sells itself on sin should open its arms to those looking to make an honest woman out the one they love, yet they keep on coming, and when you really think about it, getting hitched in Vegas isn’t such a crazy idea.

A Wedding & Honeymoon All In One

Las Vegas is actually a great place to get married for the couple who are on something of a tight budget

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5 myths of sports betting legalization

There are no credit checks or margin calls until it is time for me to pay. “But for the FBI knocking on our door and notifying us about Donaghy’s betting, none of the systems that we then had in place had captured any betting by Tim Donaghy.”

The National Council on Problem Gamblers has found that problem gamblers are most often involved in illegal gambling, so moving toward a model where more gamblers are doing it legally can only help.

Those who believe this simply don’t understand how sports betting with a bookie works. This is not how most bookies work.

Myth No. When I lose this money, it’s gone, and I can’t bet until I put more money on deposit. Concerts, shows, high-end nightclubs and restaurants draw people to Vegas as much as the gambling does. Sen. If something shady were to occur in a game around a betting proposition, raised awareness by the public about gambling in general would help highlight any improprieties before, during and after the match.

Myth No. 1: It will result in large revenue for the leagues

Myth No. 3: It will put local illegal bookies out of business

The thought process here is that with legalized sports betting available locally, there will be less interest in making the trek to Sin City to wager on sports. The U.S. U.S. This mirrors a similar concern that some had 25 years ago when Indian and commercial casinos began sprouting up all over the U.S.

Las Vegas sports book operators are already looking to expand to other states. The two biggest reasons people bet with bookies (beyond the lack of alternatives) are the convenience and the line of credit. First off, the government will only legalize if it is going to get significant revenue. Those who believe that legalized sports betting will lead to more risk of game fixing simply don’t understand why games are fixed. These days, most bookies provide both a phone number and website where bets can be made. 2: It will create more “problem gamblers”

The real value for them will be potential marketing dollars and increased fan engagement, not licensing fees for data or direct revenue from wagering.

Here’s an example. Are fewer people gambling because they can do it in their home state?

The topic of federal legalization of sports betting has been brought up before, but it has gained steam since Adam Silver’s November New York Times op-ed and after Silver’s cover story in ESPN The Magazine’s Gambling Issue. Whyte, executive director of the NCPG, told my ESPN colleague David Purdum.

Since bookies will not have to pay taxes or licensing fees, they will be able to offer better margins or incentives to their customers. In addition, customers are far more inclined to place a wager when they don’t have to put any money down.

There are a lot of unanswered questions regarding legalization of sports gambling in the U.S., and it will be fascinating to watch how it unfolds in the next few years. I am concerned that the overall pie, even with online gambling, may not be large enough for the leagues to make the money they are hoping for.

“One of the things that makes sports betting so interesting is that it is probably by far the most widely participated in form of illegal gambling. 4: It will damage the sports betting business in Las Vegas

Until many of these questions are answered, it will be difficult to draw any hard conclusions about the ramifications of legalized sports gambling in the U.S. Vegas has had to reinvent itself as a place that is about more than just gambling. However, there are certainly some myths that I believe can be dispelled.

In addition, game fixing would be easier in a world where fewer people track or are even aware of things like point spreads and over/under bets. In order to grow the pie large enough, these conveniences must be provided to gamblers. In addition, asking for a percentage based on the overall handle (total amount wagered) will cut into the margin of the sports books too significantly.

Myth No. bookmaking powerhouse William Hill has already set up an operation in New Jersey, and MGM CEO Jim Murren has said his company is interested in expansion.

My answer is a solid maybe. In the past two decades, although total revenue has risen, percentage of revenue from gambling has decreased from close to 60 percent to last year’s 38 percent. How will it be regulated? How involved will the government be? Will it be federal enforcement or on a state level?

This is the easiest myth to dispel. Maybe more so.

Myth No. Since sports gambling is currently something that happens in the shadows, problem gamblers are likely to hide in that shadow until it is too late.

While it seems that the question of legalizing sports betting presently is more of an if than a when, there remains a great deal of uncertainty regarding what it would look like. Second, operators will need to run a cost-effective business, which may prove difficult if there are a lot of other hands to feed besides the government.

Here are the top five myths about legalizing sports betting and why they’re wrong:

In the most relevant case, CBC, the parent company of CDM Sports, a fantasy provider, sued MLBAM after being denied a new fantasy sports license. Legalized sports betting would elevate these now somewhat esoteric notions into the mainstream conversation about sports. Yes, trademark images and logos would be a different story, so I could see the leagues getting marketing deals, but I don’t see that as a huge windfall for the leagues.

Furthermore, once sports betting becomes legal the negative stigma behind it will eventually disappear, which will make it a bit easier for problem gamblers to ask for help. District Court Judge Mary Ann Medler ruled in favor of CBC, stating that “statistics are part of the public domain and can be used at no cost by fantasy companies.” One would infer that the same would apply to legal bookmaking operations.

Those betting with bookies have predetermined settlement terms. But let’s say I have a bad losing streak and end up down more than $1,000. I will likely have to put money on deposit to do so. The experience of going to Vegas is becoming less and less about putting down a sports bet and more and more about the experience of everything else. Some are based on a time frame, while others are based on going over agreed-upon limits. This year, it is on pace to welcome a record 40 million visitors. Illegal gambling is one of the factors that’s associated with gambling addiction,” Keith S. John McCain (R-Ariz.) also recently said that Congress needs to hold hearings to discuss legalizing sports betting.

There is simply no way the leagues could ask for a percentage piece of gambling revenue, as this would result in a huge conflict of interest.

When I think about the best way to legalize sports gambling from a logistical standpoint, I get a headache. There are going to be a lot of hands in the cookie jar. In fact, there’s an argument that exposing more people to sports gambling in their native states will make the general concept of sports gambling more approachable, ultimately leading to a larger overall percentage of sports fans-turned-gamblers.

And I have heard some mention licensing fees for data, but haven’t we already covered that in lawsuits against both the NBA and Major League Baseball Advanced Media (MLBAM)? In both cases, statistics and data were ruled to be public, not a private asset for which the leagues could charge a license fee.

I understand the argument that legalized sports betting could expose more people to gambling and the increased ease and access will create more problem gamblers, but I simply don’t buy it. (It’s common for bookies to offer rebates to their big customers.) This will be difficult for legal bookmakers to compete with.

At any rate, I really don’t see legalized sports betting in other states having a big impact on the sports betting business in Vegas.

In that time span, we all know that Vegas has flourished. operation for the U.K. Purdum, an expert on the subject, has been vocal in his belief that online sports gambling will need to be a big part of the new legalization plan, and I share his belief, as betting on a phone and computer is simply much more convenient than driving to a brick-and-mortar sports book and making a wager. 5: It will create greater risk for game fixing

Silver echoed this sentiment when discussing his personal revelation in an exclusive interview with ESPN. Many bookies will allow me to get more credit and continue to gamble. This credit relationship will be hard for many gamblers to give up.

Mr. It’s a pretty reasonable assumption that it’s easier to fix a game in an environment where most of the money wagered is impossible to discover or track by the government. Illegal sports betting has some characteristics that can lead to problem gambling more than legal betting would.. This is the type of financial recklessness associated with problem gambling.

Once games happen, the stats are public domain. In the latter case, I set up a credit arrangement with Illegal Book B and we agree that I will pay every time I go over $1,000. “The Donaghy controversy also made me aware how important it is that we have a way of monitoring irregular activity on our games,” Silver said. Say I set up an account with Legal Sportsbook A. If it’s legalized, there will be huge changes, but some assumptions are simply off.

I see the same trend happening if sports betting gets legalized in the U.S

The Role of a Buchmacher in Sports Gambling

Starting with little money and increasing the amount gradually is the key to success in sports gambling.

Author’s Bio: 

Buchmacher is a person that invites people to bet on their favorite sporting events like golf championship, baseball match, football, rugby, tennis and much more. Visit each website and find the services and betting facilities the website is offering. The first thing they need to do is locate a trustworthy buchmacher. Some sports books share their profit with their members to encourage them to invest more money in gambling.

In this time and age, when everything is available online, sports aficionados don’t need to visit places with gambling facilities as they can find a reliable buchmacher right on the web. Once they have reliable websites, they can read their rules or compare different websites to find the best. One thing that beginners should keep in mind is that they should never start with huge money as they can make lose the money in gambling. Betting is a common activity during any sporting event and one find betting within their group on the outcome of the sporting events. Just Google the keyword “sports book” and you will get a long list of trustworthy sports booking websites. Sports book remains stable during betting process as his role is limited to providing services and assisting gamblers. Beginners may require visiting several websites to find a credible one and understand the rules of the games..

Playing sports has been a source of entertainment since time immemorial and people also take pleasure in watching sports. Today every sporting event is watched by millions of people across the globe and this is evident from the number of viewers that sports channel gets whenever there is a sporting event takes place in any part of the world. When this activity takes place among a larger group, it requires a buchmacher to regulate the betting process and distribute the winning amount.

Shrin Sndu has good knowledge about differnt games,including football, tennis, basketball, handball, eishockey and motorsport. Beginners need to do much homework prior to starting gambling. There are many sports books and all the sports books operate online. He provides certain services required for betting and also provides latest information on every sporting event taking place in any city or village in the world. The author has worked as a famous bookee with a few renowned organizations. The role of a sports book is to overlook all the betting and make sure that the gamblers use fair practices. For more info,please visit Buchmacher and Sportwetten .

Every sport gambling website has its own set of rules that need to know prior to using its services