An investigation into rigged poker games and illegal sports gambling has the NBA on the ropes

Women are turning to poker to help their careers.John Lamb/Getty ImagesThis post originally appeared in the Business Insider Today newsletter.You can sign up for Business Insider's daily newsletter here.Happy Friday! Most people look forward to the weekend. For me, it's another excruciating Sunday watching the New York Jets. Luckily, I think I have a solution. I just need private equity's help.In today's big story, a massive FBI investigation involving illegal sports gambling and rigged poker games rocked the NBA.What's on deck:Markets: Blackstone's Steve Schwarzman just tried to squash the "cockroach" claim about private credit.Tech: Here's how Meta told some employees their jobs were being replaced by tech.Business: These Fed workers could ultimately hold the key to ending the government shutdown. They just want to do their jobs.But first, wanna bet?If this was forwarded to you, sign up here.The big storyBad beatTomas Diniz Santos/Getty ImagesThe Mafia. The NBA. Poker games. Sports gambling.What sounds like Martin Scorsese's next movie is the basis for a sweeping FBI investigation.Miami Heat player Terry Rozier and Portland Trail Blazers head coach Chauncey Billups were arrested yesterday over their alleged involvement in illegal sports gambling and rigged poker games, according to two separate but related federal indictments that were unsealed.The cases, which involve dozens of defendants spread across multiple states, illustrate the delicate relationship sports leagues have with the sportsbooks that pay them millions in sponsorship deals but also pose a potential reputational risk.And some experts believe this is just the beginning, writes BI's James Faris. Starting next month, the NCAA will allow college athletes to bet on professional sports, which could lead to even more gambling-related issues.So what happened?According to one of the indictments, Rozier and others allegedly shared non-public information about players' injuries or teams' lineups. A group of bettors used that info to place wagers. In some cases, there were "faked injuries to fraudulently manipulate bets on games," NYPD Commissioner Jessica Tisch said.In short, insider trading, but make it sports betting.This isn't the NBA's first brush with a scandal since the federal ban on sports gambling was lifted. Back in 2024, Jontay Porter was banned for life from the NBA for gambling violations. (Porter was also mentioned in the most recent indictment.)"This is the tip of the iceberg," Lia Nower, the director of Rutgers' Center for Gambling Studies, told James following Thursday's news.ANGELA WEISS/AFP via Getty ImagesThe other portion of the investigation involved rigged poker games that felt like a page out of "Ocean's 11."Billups allegedly took part in the illegal, high-stakes poker games, helping to lure in rich, unsuspecting victims, according to the feds.While some of the games were straight, others were rigged thanks to a slew of tech, writes BI's Madeline Berg.The indictment reads like something out of Inspector Gadget's personal arsenal.There were bugged shuffling machines. There were poker chip trays that could read cards with hidden cameras. There were poker tables with X-ray technology. There were even cards marked with symbols only visible with special sunglasses or contact lenses.Ultimately, the scheme resulted in $7 million in winnings, according to the feds.The league already placed Rozier and Billups on leave. As for the damage to the NBA, it's tough to say. Either way, I wouldn't bet on it.3 things in marketsZhao said fellow inmates and prison guards sought crypto tips during his four-month incarceration.Stephen McCarthy/Sportsfile for Web Summit via Getty Images1. Trump pardons Binance founder Changpeng Zhao. The billionaire pleaded guilty to violating anti-money laundering requirements and was sentenced to four months before his release last year. His pardon ends what the White House called the Biden administration's "war on crypto."2. Beyond Meat is falling back to earth, but the pain has already been felt. After rallying 1,300%, the faux-meat producer's stock has stumbled, dropping as much as 23% on Thursday. However, for short-sellers, the damage is already done.3. Blackstone's Steve Schwarzman addresses the private-credit critics. The CEO of the world's largest private investment firm isn't letting private credit take the blame for a recent slew of credit crackups. Schwarzman used Blackstone's earnings call to shut down any ties made, blaming "bank-led and bank-syndicated credits" instead.3 things in techMeta has made another round of job cuts.Carlos Barria/Reuters1. Meta told some staff their jobs are being replaced by tech. Staff in Meta's risk division were told the company is eliminating some of their roles, citing a shift from manual reviews to "more automated processes," according to an internal memo viewed by BI. This comes right after 600 people were laid off in the company's superintelligence division. Read the latest memo sent to staff.2. Elon Musk's xAI wants to go Hollywood. In August, dozens of xAI's tutors began annotating short video clips for an internal project called "Vision," three people with knowledge of the initiative said. Vision's onboarding process included workers labeling clips from Universal Pictures' "Hellboy II," according to internal documents viewed by BI. However, AI projects like these raise complex questions about copyright.3. Rivian has plans to lay off more than 600 employees. The cuts would affect about 4.5% of Rivian's workforce. Despite EV sales hitting a US record high in the third quarter, the Trump administration's elimination of the federal tax credit presents challenges for EV companies. Read the memo Rivian's CEO sent to staff.3 things in businessAir traffic controllers are about to miss their first paycheck of the government shutdown.BRENDAN SMIALOWSKI/AFP via Getty Images1. Washington's reluctant bargaining chip doesn't want the power. Air traffic controllers ultimately forced the end of the 2019 government shutdown after calling in sick en masse. Now, Washington is watching closely to see if that power will get flexed again. Three controllers told BI they don't want it, though — they just want to do their jobs and get paid.2. Walmart's new raise strategy for hourly store workers rewards more than just loyalty. The retail giant's new performance-based plan will account for factors like attendance, teamwork, and overall store performance, per a leaked memo seen by BI. The new approach marks a shift from the across-the-board raises that were based on years of service with the company.3. Millennials are embracing a new kind of beer: cheap. Craft beer sales are declining, and the days of the raspberry-hazy double IPAs are over. Beer is getting back to the basics — from the Sphagett being 2025's drink of the summer to Americans' love for Michelob Ultra.In other newsHealthcare company Ensemble Health has tapped JPMorgan as it eyes a $13 billion sale or IPO in 2026.Oracle and OpenAI's second Stargate data center in Texas will be powered off the grid.The threat of a new barista strike looms as shareholders urge Starbucks to return to the bargaining table.Target is laying off about 1,000 corporate employees and cutting another 800 open roles.I checked out The Row's sample sale line. People camped overnight for the quiet luxury brand. Some got paid to do it.Trump calls off planned 'surge' of federal forces in San Francisco after talking to Jensen Huang and Marc Benioff.Prediction markets have a bleak view of how long this government shutdown will last.Nvidia backs $6 billion battery recycling giant in bid to power the AI boom.Digital health's 'come to Jesus moment': Merge or die.It's official: Student-loan forgiveness confirmation emails are now hitting borrowers' inboxes.What's happening todayCPI data released.Dan DeFrancesco, deputy executive editor and anchor, in New York. Hallam Bullock, senior editor, in London. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York.Read the original article on Business Insider

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