NBA Champ Caught Up In Betting Scandal? The High-Stakes Downfall Of Damon Jones
Oct 30 | 2025
Damon Jones Photo courtesy of @sportsbusinessjournal via Instagram
Pull up a chair, sports fans – the latest in NBA drama’s just occurred: Damon Jones, former NBA sharpshooter, now stands front-and-center in a federal gambling investigation that outstrips all gambling investigations you’ve ever heard of.
Jones played in the NBA for over a decade. A 2016 champion with the Cleveland Cavaliers – the LeBron era – he later moved into coaching. Now the feds are claiming he’s part of an illegal sports-betting / rigged-poker scheme
The Championship Ring as Collateral?
According to legal documents, Jones allegedly used his NBA championship ring as collateral for a loan. The details: he borrowed something like $10,000, paid a fee of about $4,000, and offered up the ring – the one he got for winning the title – when he couldn’t repay the loan.
Think about that: The man put his Championship ring on the line. A sign of serious financial strain, without a doubt.
Financial Friction & Red Flags
The red flags were there, even if some of us ignored them:
● Court documents show Jones faced eviction proceedings on a luxury apartment in Houston.
● Jones reportedly owed tens of thousands of dollars to a casino.
● A bankruptcy filing listed his Yorkshire Terrier as a $1 asset. No kidding.
These are not signs of great financial acumen or responsibility.
The Gambling Scheme Breakdown
This is where “stupid” and “extravagant” just might shade into the criminal…
● The feds allege a network of illegal poker games tied to major New York City mob families (think Gambino crime family, Genovese crime family, Bonanno crime family).
● Jones and former NBA star/coach Chauncey Billups are identified as “Face Cards”— big names used to lure wealthy players to these games.
● The games allegedly used high-tech cheating devices: rigged shuffling machines, x-ray tables, special glasses to read cards, and who knows what else.
Why This Matters
● Losses by victims run into the millions; the scheme is not small-time.
● For the NBA, this isn’t just embarrassing. If former players, current coaches and assorted insiders are involved in manipulating games or betting info, our trust in the game and the folks who play and run it can be permanently damaged. Who wants to be part of a rigged and corrupted system?
● For Jones: If his NBA ring-as-collateral story is true, it’s a dramatic symbol of how things tanked for this former champion.
Next Up?
● A full federal indictment has Jones facing multiple charges including conspiracy, fraud, money laundering.
● Court appearances, asset freezes — perhaps more revelations as further documents come to light — are expected.
● The NBA may launch its own investigation (or deepen existing ones) into the betting side and internal controls.
TL;DR
Damon Jones, former NBA champ and coach, allegedly used his 2016 ring as collateral for a loan amid serious financial troubles (eviction, casino debt). He’s now tied to a mega gambling and rigged-poker scheme involving former NBA figures and organized-crime tech cheats. Big name, big scandal, big consequences.
