What an FBI Probe Into Illegal Betting Means for the NBA

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  Federal prosecutors charge more than 30 people, including a current NBA coach and player,

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  as part of an investigation into illegal gambling.

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  This is a complete disaster for the NBA.

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  Really one of the biggest gambling scandals in the history of American sports.

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  There's really no other way to put it.

• 00:22

  Plus, President Trump pardons Binance founder Cheng Pengjiao.

• 00:26

  And is it 2021 because meme stocks are back?

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  It's Thursday, October 23rd.

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  I'm Alex Osela for The Wall Street Journal.

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  This is the PM edition of What's News,

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  the top headlines and business stories that move the world today.

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  Portland Trailblazers head coach Chauncey Billups and Miami Heat guard Terry Rogier were each arrested this morning in connection with a sweeping investigation into illegal gambling and rigging games in the NBA.

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  That's according to several people familiar with the matter.

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  Speaking at a press conference today,

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  FBI Director Cash Patel offered some details about the alleged crime ring.

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  The fraud is mind-boggling.

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  It's not hundreds of dollars.

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  It's not thousands of dollars.

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  It's not tens of thousands of dollars.

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  It's not even millions of dollars.

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