Legal & Ethical Concerns - Two Cleveland Guardians pitchers have been indicted on federal charges [1] - The charges accuse them of engaging in a scheme to rig sports bets [1] - The scheme was allegedly based on pitches they threw during Major League Baseball games [1]

Market to get a little muddier when they reported tonight. Now, DraftKings delivered a pretty sizable revenue miss larger than expected loss for the third quarter. But at the same time, management also slashed full year forecasts for both revenue and earnings before interest, taxes, depreciation and amortization.It looked rough, but I got to get to the bottom of this because I've been recommending the stock because I think that this is the best company in gambling. So let's dig deeper with Jason Robbins. He ...

Congress is now awaiting answers uh from the NBA on that gambling scandal that shook the sports, its fans and the sports books. And joining us now now with more, Matt King, Fanatics, betting and gaming CEO. And it was immediately apparent to everyone, Matt, that this could be a really big uh problem for for the NBA, for gambling, and everything else.I don't I don't see it really exploding into that. Can can you tell from demand or or where are you right now with this. Certainly for consumer demand, the NBA ...

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[Music] And now what on that gambling scandal that's rocked the NBA, Congress wants answers from NBA Commissioner Adam Silver. The House Commerce Committee has asked for a briefing from Silver by this Friday. They say that the arrest uh of both Portland coach Chanty Bilips and Miami player Terry Rosier have raised serious concerns about uh sports betting and the integrity uh of sport in the NBA.Uh the NBA had no media comment about that uh request uh from Congress. >> Coming up, five things to know ahead of ...

Gambling Scandal Involving NBA and Mafia - The FBI charged over 30 people, including NBA stars and coaches, in connection with wire fraud and money laundering related to sports betting and rigged poker games [1] - Two separate schemes were identified: "Operation Nothing But Net," a criminal sports betting scheme, and "Operation Royal Flush," involving the mafia and rigged poker games [1] - Rigged poker games utilized advanced technology such as marked cards, x-ray tables, rigged shuffling machines, and hidden cameras [1][2] - Four of the five New York mafia families were allegedly involved in coordinating and protecting the rigged poker games, using threats to secure debt repayments [1] - The illegal poker ring involved approximately $7.8 million in cash [1] NBA Players' Involvement - NBA Hall of Famer Chanty Bilips and Miami Heat star Terry Rosier were placed on immediate leave after their arrest [1] - Bilips and former NBA player Damon Jones allegedly lured wealthy players into rigged poker games [1] - Terry Rosier is charged for his role in a criminal betting scheme, accused of tipping off others to place bets on his stats after leaving a game early due to injury, generating tens of thousands of dollars in profit [1] Mafia's Role and Technology - The mafia has scaled back to gambling due to less severe penalties compared to violent crimes [1] - The mafia is utilizing advanced technology in gambling schemes, employing experts to create rigged systems [2] - The involvement of four mafia families indicates a large-scale operation with significant money involved [2] Legal and Investigative Aspects - The investigation originated in the Eastern District of New York [2] - Authorities have been investigating the case for years, gathering communications and information from victims [2] - Law enforcement is believed to have a good handle on the mafia with informants providing regular information [2][3]

Legal & Compliance - Two major fraud cases are announced, one involving sports betting and the other involving illegal gambling [1] - The indictments contain only allegations, and the defendants are presumed innocent until proven guilty [4] Sports Betting & NBA - A sports betting corruption scheme exploited confidential information about National Basketball Association athletes and teams [2] - The scheme is described as one of the most brazen sports corruption schemes since online sports betting became widely legalized in the United States [1] Illegal Gambling & Poker - A nationwide scheme to rig illegal poker games involved 31 defendants [2] - Millions of dollars were stolen from victims in underground poker games that were secretly fixed using high-tech cheating technology [2] - The games in the New York area were backed by the Banano, Gambino, and Genovves crime families of Lazinostra [3] Individuals Involved - Three overlapping defendants are charged in both cases: Damon Jones, Eric Ernest, and Shane Hennan [3] - Former professional athletes are among the defendants involved in the illegal poker games [2]

Uh first off, what are the facts as we know them? >> Okay, so two different investigations. One that involved the Trailblazers head coach uh Chanty Bilips was about illegal poker and organized crime. Basically, they'd set up these poker parties in Manhattan. They were using modified card shuffling machines and uh they were cheating and cameras and the desks and things like that. They were bilking unsuspecting gamblers out of millions and millions of dollars. And they say that the head coach as well as Rosie ...

NBA Impact - The NBA faces a catastrophic situation following the indictment, potentially overshadowing positive developments like a player's performance [18] - The league's involvement with sports betting companies is under scrutiny, with potential consequences arising from this association [19][20] - Insider information on prop bets undermines the fairness of the sport, which is devastating to fans [27] - The controversy could damage the NBA's reputation, especially during what has been a successful period under Adam Silver's leadership [28][29] Investigation Details - The investigations involve high-profile NBA figures like Terry Rozier and Chanty Billups [2][3] - Illegal poker games used advanced technology, including card shufflers, special glasses, and an X-ray table, to cheat unsuspecting players out of millions of dollars [4][5][6] - Organized crime was allegedly involved in collecting debts from victims who wouldn't pay up [6] - Multiple law enforcement agencies, including the NYPD and FBI, collaborated on the investigations, spanning across the country [8][9][10] Legal and Ethical Concerns - The NBA is fully cooperating with the investigation, and the commissioner is expected to address the matter [7][8] - The case highlights the risks associated with legalizing sports betting, including potential gambling addiction among players [20][21] - There are concerns about the effectiveness of current mitigation efforts by sports betting companies in preventing fraud [22][23] - The involvement of organized crime makes the investigation and prosecution more difficult [13][14] - Terry Rozier allegedly bet over $200,000 based on inside information about his injury [11]