The news: Last week, federal prosecutors charged Portland Trail Blazers head coach Chauncey Billups, Miami Heat guard Terry Rozier, and former NBA player Damon Jones in connection with illegal gambling and fraud conspiracies. The indictments allege ties to organized crime and manipulation of high-stakes card games that cheated players out of millions. The scandal broke just as the NBA season tipped off—against the backdrop of record sports betting activity and a rapidly maturing legal market.

Zooming out: Since the Supreme Court overturned the federal betting ban in 2018, sports wagering has evolved from a niche activity into a national pastime.

• Thirty-eight states now allow some form of betting, and the American Gaming Association reports legal operators earned roughly $10 billion through Q3 2025—up nearly 20% YoY.