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FBI Director Kash Patel on Thursday announced the arrests of Portland Trailblazers coach Chauncey Billups and Miami Heat player Terry Rozier.
Legal licensed sportsbooks in the U.S. have enjoyed massive growth in recent years, but they’re still trying to expand.
FanDuel and DraftKings reiterated their gaming protections.

NBA and FanDuel online sports betting signage is displayed on the side of a building in Phoenix, Arizona, on June 5, 2024.
Patrick T. Fallon | AFP | Getty Images

“This is the insider trading saga for the NBA.”
That was FBI Director Kash Patel’s message at a news conference Thursday, announcing the arrests of Portland Trailblazers coach Chauncey Billups and Miami Heat player Terry Rozier.

The two were among more than 30 people charged in an illegal poker ring involving organized crime and cheating, according to prosecutors. The U.S. Attorney, FBI and other law enforcement agencies are also charging Rozier as well as former Cleveland Cavaliers player and assistant coach Damon Jones with a sports betting scheme to throw games or make illegal wagers on inside information.
It’s the kind of news that could prove damaging to the legal gambling industry — or, perhaps, a real opportunity.
Legal licensed sportsbooks in the U.S. have enjoyed massive growth in recent years, but they’re still trying to expand. The market leaders FanDuel, DraftKings, BetMGM and Caesars don’t have access to the two most populous states, California and Texas, because they have not legalized sports gambling.
When state lawmakers debate the pros and cons of legalizing sports betting, there are persistent questions about sports integrity and the opportunities for cheating. Players arrested on federal charges, accused of manipulating game play and profiting on illegal activity provide solid evidence for a sermon against the dangers of gambling.
The commercial gambling industry knows it. And it’s seizing the moment to reiterate its protections.

“Today’s events are deeply disturbing, and should concern fans, athletes, and everyone who loves sports and values integrity and fair play,” FanDuel, owned by Flutter, said in a statement to CNBC shortly after federal prosecutors and law enforcement wrapped up their news conference.
“We are unwavering in our commitment to rooting out abuses by those who seek to undermine fair competition and the games we love,” FanDuel said.
The American Gaming Association blasted out its statement: “Today’s revelations are a stark reminder of the pervasive and predatory illegal market, ensnaring countless individuals and operating in the shadows … It is important to recognize that the regulated legal market delivers transparency, oversight, and collaboration with authorities that assists in bringing these bad actors to light.”
A DraftKings spokesman told CNBC, “We fundamentally believe that regulated online sports betting is the best way forward, to monitor for and detect suspicious behavior.”
Sportsbooks and the integrity monitoring companies that work with them were involved in alerting authorities to unusually large wagers on Jontay Porter prop bets that resulted in Porter being banned for life from the NBA last year and convicted on federal charges.
Prosecutors say Porter’s activity was part of the same conspiracy ring operating between 2022 and 2024 that resulted in six arrests this week.
A rapid response from the sportsbooks with carefully crafted crisis communications messages could be designed to ward off threats from state gaming regulators to crack down on player props, which are often the basis of parlay bets.
Parlays, which combine several bet criteria into a single wager, are very profitable for the sportsbooks and popular with customers, even though there are lower chances of winning.
The negative headlines over illegal gambling could ultimately prove to be an opportunity in the long run for commercial and tribal casinos if it prompts more enforcement action against unlicensed operators.
After all, unlicensed gambling in the U.S. is estimated to bring in $674 billion in wagers annually, the AGA said in August. More

Shares of Pop Mart fell 9% Thursday, the stock’s worst day since April.
The Labubu maker reported third-quarter revenue that had more than tripled year over year. Sales in the U.S. swelled between 1,265% and 1,270% during the period.
But resale demand jitters could be contributing to a stock pullback since its August peak.

An exhibition room at Pop Mart’s theme park, Pop Land, in Beijing, on June 18, 2025.
Pedro Pardo | Afp | Getty Images

Shares of Chinese toymaker Pop Mart fell 9% Thursday, notching the stock’s worst day since April and extending its declines since a late-August peak.
The company behind the popular Labubu dolls, a series of collectible elf-like monster dolls that come in blind-box packaging, reported on Tuesday that third-quarter revenue had more than tripled year over year as sales in the U.S. swelled between 1,265% and 1,270%.

And yet concerns are growing the craze could be fading.
Data from Chinese resale platform Qiandao shows that some Labubus are being sold close to or below official Pop Mart retail prices, a stark shift after a period of sky-high demand and prices. The Labubu character Luck, released in April, for example, saw its resale price soar to over 500 yuan, or about $70, at one point. But that’s since dropped to 108 yuan, or about $15, according to Qiandao.
Since August, Pop Mart stock has fallen 30%, but is still up 159% so far this year.
Analysts are split on how to interpret the downturn.
One line of thinking is that the falling resale prices could signal slowing enthusiasm for Labubu and other collectibles after a summer peak, particularly among younger, nontraditional toy buyers. Another possibility: The decline may reflect Pop Mart’s efforts to increase supply and curb scalping, rather than waning consumer demand.

Pop Mart reported a 10-fold increase in the supply of plush toys this year and said it now manufactures approximately 30 million units each month, the company told Reuters on Tuesday.
Morgan Stanley analysts noted in a September client note that “prices in the second-hand market do not effectively reflect the true supply and demand situation,” especially given Pop Mart’s initiatives to limit resellers’ influence.
The popularity of the Labubu dolls have been boosted by celebrity fans including singer Rihanna and former soccer star David Beckham. However, Labubus aren’t the only Pop Mart product drawing the eye of nontraditional toy buyers.
Morgan Stanley analysts noted that emerging characters like Twinkle Twinkle and opportunities for global expansion continue to play a key role in driving Pop Mart’s growth. More

The average rate on the 30-year fixed started July at 6.67% and is now at 6.17%
Inventory rose 14% from September 2024.
The median price of a home sold in September was $415,200, up 2.1% year over year.

An ‘Open House’ sign is posted near a single family home for sale on Aug. 22, 2025 in Pasadena, California.
Mario Tama | Getty Images

Sales of previously owned homes rose 1.5% in September from August to a seasonally adjusted, annualized rate of 4.06 million units, according to the National Association of Realtors. That is slightly less than the analysts were forecasting, but the highest pace in seven months.
Sales were 4.1% higher compared with September of last year.

Regionally, on an annual basis, sales were strongest in the South and Northeast. From August, sales were strongest in the West and actually fell slightly in the Midwest, the only region to see a monthly decline.
This count is based on closings, so people signing contracts likely in July and August, when mortgage rates were coming down but were not as low as they are now. The average rate on the 30-year fixed started July at 6.67% and is now at 6.17%, according to Mortgage News Daily. 
“As anticipated, falling mortgage rates are lifting home sales,” said Lawrence Yun, NAR’s chief economist. “Improving housing affordability is also contributing to the increase in sales.”
Inventory continued to make gains, up 14% from a year ago to 1.55 million units for sale at the end of September. That is still lean historically. At the current sales pace, there is a 4.6-month supply of homes for sale. A six-month supply is considered balanced between buyer and seller.

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“Inventory is matching a five-year high, though it remains below pre-Covid levels,” Yun added. “Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth.” 

Still tight supply continues to pressure prices. The median price of a home sold in September was $415,200, up 2.1% year over year and the 27th consecutive month of annual gains. Prices are 53% higher than pre-Covid levels.
Sales continue to see the biggest gains on the high end of the market, likely because of more supply in those tiers. Sales of home priced above $1 million rose 20% from the year before, while sales of homes priced below $100,000 were up just under 3%.
First-time homebuyers are making some gains, likely due to falling mortgage rates. They made up 30% of September sales, up from 26% the year before.
About 30% of sales were made all in cash. Homes are sitting on the market longer, an average 33 days, up from 28 a year ago. More

CAN ANYTHING stop America Inc? As the biggest companies in the world’s biggest economy start rolling out their latest results, the answer appears to be an emphatic “Get out of the way!” Analysts reckon that big businesses’ net profits grew for the ninth straight quarter. Short-sellers who had bet that President Donald Trump’s seemingly anti-growth and pro-inflation policies on trade and immigration would cause America Inc to careen into a ditch are instead themselves resembling roadkill. The S&P 500 index of blue-chip stocks has risen by 14% this year, creating nearly $8trn in shareholder value. Vroom! More

Broadcasters still crave live sport. Take America’s National Basketball Association (NBA), whose new season, with a new rights deal, began on October 21st. ESPN, NBC and Amazon are paying a combined $76bn over 11 years to screen the league, smashing the old per-season rate. At that price (passed on to subscribers) the deal is also sure to maintain demand for pirated broadcasts. A study in 2021 suggested that the world’s sports leagues might bring in an extra $28bn a year if pirate sites were shut down. But data analysis and the rise of content creators are providing ways for leagues to hit back. More

Zohran Mamdani is a very good campaigner. At a rally in Washington Heights this month, the Democratic nominee to become mayor of New York City conducts a call-back of his main policy pledges. “We’re going…freeze the…,” he begins. “Rent!” shouts the enthusiastic crowd. “Buses should be fast and…” “Free!” “All shall have…” “Prizes!” (This last one is made up.) More

In a year when most stockmarkets have impressed, South Korea’s has dropped jaws. In 2025 the KOSPI 200 index has risen by 69% (in won) to a record high, trouncing the 15% notched by America’s S&P 500. Artificial-intelligence hype has helped, especially for big chipmakers such as Samsung Electronics and SK Hynix. But the main reason is a state-backed effort to “value up” the country’s firms—ie, improve their wretched corporate governance and eradicate the “Korea discount” on their stocks. More

IN THE USUALLY gossipy world of Silicon Valley, something strange is happening. It is hard to find a generative artificial-intelligence entrepreneur with a bad word to say about anyone. This may be an age thing. Many of those launching AI startups were born after sci-fi dystopias like “The Matrix” (né 1999) and are young enough to still believe AI will be a force for good for everyone. To them, even the word “frenemy” sounds too red in tooth and claw.  More