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]

The legal issues are really serious. These are major felonies. These are conspiracy to commit wire fraud and related charges.The players could face conceivably years in prison if they're convicted. Obviously, they haven't been able to tell their side of the story yet. So we'll find out how the defense surfaces.But super serious and the allegations are that there's a player, there's a coach, a former coach, all of whom, of course, have access to information. A player can change his play to further bets. And ...

Legal & Regulatory - FBI director announced an insider trading saga related to NBA sports gambling, naming six defendants [1] - Investigation links to the previous ban of Raptors player Dante Porter for life due to felony charges [3] - 34 individuals are charged with a range of offenses including extortion, money laundering, wire fraud, bank fraud, and illegal gambling [5] Key Individuals & Teams Involved - Miami Heat's Terry Rosier and former Cavaliers player/assistant coach Damon Jones are named as defendants [1] - Terry Rosier allegedly shared information about leaving a game early on March 23rd, 2023, leading to $200,000 in wagers against his statistics [2] - Chanty Bilips (Trailblazers coach) and Terry Rosier are implicated in an underground illegal poker ring [3] Gambling & Financial Aspects - Illegal betting occurred between 2022 and 2024, involving game throwing or misuse of insider information [1] - Bettors profited tens of thousands of dollars from Rosier's insider information [3] - An illegal poker ring, associated with organized crime families, allegedly used celebrity athletes to lure gamblers, resulting in one victim losing $1.8 million and the ring generating tens of millions in total [4][5] - Sports books are considered victims, not perpetrators, in this situation [6] Organized Crime Involvement - Organized crime families associated with Lacosa Nostra were involved in the illegal poker ring [4] - The mafia allegedly modified card shuffling machines, barcoded decks, and used hidden cameras to cheat gamblers [4] - Threats of violence were used against those who refused to pay gambling debts [5]

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]

Four major US crime families, as well as current and former NBA stars, are tied to an alleged gambling and sports rigging scheme, FBI says. Follow live updates: https://t.co/yNGFADlU2f ...

LIVE: FBI Director Kash Patel makes an announcement on illegal gambling tied to NBA stars About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http:// ...

Market Overview - US stock futures paused after a record-setting session for the Dow, with investors preparing for earnings reports from Tesla and IBM [1][2] - The Dow reached a new all-time closing high, driven by positive blue-chip results [2] Company Earnings - Netflix's stock dropped over 7% after missing earnings expectations due to a $619 million expense related to a tax dispute in Brazil [3][13][14] - Mattel's earnings fell 6% in premarket trading after missing Wall Street revenue expectations [6] - Humana's stock fell nearly 3%, although it has risen 20% over the last six months and 16% over the last year [6] - Intuitive Surgical's stock jumped 15% after beating Wall Street earnings expectations for the third quarter [12] Semiconductor Industry - Texas Instruments' stock fell 8% in premarket trading after forecasting a downbeat fourth-quarter profit and revenue, raising concerns about the industry's recovery [11] - The overall semiconductor market recovery is ongoing but at a slower pace than previous upturns, influenced by broader macroeconomic dynamics [10] Gold and Precious Metals - Gold prices continued to decline after experiencing the largest one-day drop in over a decade [4][15] - Investors are taking profits from precious metal investments, leading to stabilization after sharp falls [15] Cloud Services and AI - Google is reportedly in talks with Anthropic for a cloud deal potentially worth "tens of billions," indicating strong demand for AI and a potential increase in Google Cloud's market share [9][7]

Core Insights - Deutsche Bank has been recognized as Advisor of the Year at the American Gambling Awards for its role as the exclusive financial advisor to Intralot S.A. in the €2.7 billion acquisition of Bally's International Interactive business [1] Group 1 - The award highlights Deutsche Bank's contributions in strategic, financial, and legal advisory services [1] - This recognition builds on Deutsche Bank's previous accolades, including winning the Dealmaker of the Year category in 2022 and co-winning in 2024 [1]

Core Viewpoint - DraftKings Inc. (NASDAQ:DKNG) is identified as a strong investment opportunity with over 50% upside potential following a rating upgrade from Berenberg analyst Jack Cummins, who changed the stock rating from Hold to Buy and adjusted the price target from $45 to $43 [1][2]. Company Overview - DraftKings Inc. operates in the digital sports entertainment and gaming sector, offering a range of services including online casino, online sports betting, retail sportsbook, daily fantasy sports, media, and other consumer products [3]. Market Context - The recent volatility in prediction markets and the decline in share prices of gambling companies have created new investment opportunities, prompting Berenberg to upgrade DraftKings based on valuation after a recent selloff [2].

Betting firm Paddy Power to close 57 shops in UK and Ireland https://t.co/GObPtkqjfu ...