Billy Baxter

A look back on Billy Baxter’s life shows the life of a true gambler. As a 14 year old being dropped off at the movies by his mother, young Billy soon found his way to the pool hall and amassed a full $5,000 in his bank account by the time he turned 16, which wasn’t bad in 1956. When he discovered poker, Baxter, like most, wasn’t an immediate winner. After spending his days winning pool money, his nights were spent losing poker money. As a quick study though, the pattern soon halted and both games became profitable for him.

When he turned 18, Billy reached the legal tavern entrance age where the poker stakes soon grew so high that he found himself part owner of the Paisley Club, a casino in his hometown Augusta, Georgia. After the game continued, full ownership was granted to Baxter though it was soon closed down at the “strong suggestion” of the local police. Not wanting to give up the easy money that comes with being the house, he quickly became proficient in sports betting and not long after, became the book. When the Masters Golf Tournament came to town, Billy ran blackjack and roulette games out of a barn. When the authorities got wind of the information the long arm of the law found the gambling entrepreneur and hit him hard.

While appealing his punishment Baxter married and set off for a Las Vegas honeymoon. While living out of the Dunes hotel, he befriended Doyle Brunson and Amarillo Slim among others. When the time came for Billy to serve his jail time, a prop bet was made that he couldn’t lose 40 pounds by the time he got out. 43 pounds later he returned to Vegas to collect and began his true career as a professional gambler.

With profound skill in all the games Baxter’s first five tournament cashes came in the form of victories, including four World Series of Poker Bracelets. Since then he has added three more bracelets bringing his total to seven and placing him 5th all time on the list of multiple bracelet winners. Although most of Billy’s career gambling winnings have come from sports betting, he is most well known for his poker ability, and is widely considered the best Deuce to Seven Single Draw No Limit player in the world.

In addition to being a world renowned gambler, Baxter also single handedly spearheaded the changing of tax legislation regarding gambling income. Before the law was changed gambling income was considered non-earned and was therefore taxable up to 70%. After fighting the government in the landmark case William E. Baxter Jr. vs. The United States, the decision was made to change the taxation terms to earned income, placing professional gamblers in the same tax brackets as any other self-employed small business owners and lowering the tax percentage to 30%.

With the tax law change, nearly $2,000,000 in tournament winnings and lifetime of all aorund gambling experience, Billy Baxter has been a legend for a long time and has shown no signs of slowing down any time soon.