TSP Throwback
In March 2024, Fanatics CEO Michael Rubin explained why remaining part of the Philadelphia 76ers’ ownership group had become incompatible with his growing business empire.
“I think we were violating every rule the NBA had. You weren’t allowed to take bets on your own team.”
Rubin also referenced Fanatics’ thousands of individual agreements with athletes and named Joel Embiid, James Harden, LeBron James, Chris Paul and Kevin Durant among the NBA players who had invested in the company. Rubin had sold his stake in the Sixers’ ownership group in 2022. Inquirer.com
Watch Rubin’s full comments here.
And, by the way, roughly 19 months later, federal prosecutors unsealed two sweeping gambling indictments on October 23, 2025.
One indictment charged six defendants in an alleged conspiracy involving confidential NBA injury and lineup information used to place fraudulent wagers. The second charged 31 defendants in alleged technologically rigged poker schemes involving NBA figures and organized crime. Three defendants appeared in both cases, bringing the total to 34 unique people charged. Department of Justice: sports-betting case; poker case.
Damon Jones pleaded guilty in both cases in April 2026. Defendants who have not been convicted are presumed innocent. Department of Justice
Rubin was not accused of involvement in either case. His comments nevertheless sound much different in retrospect. What was delivered casually in 2024 now feels like a warning about how closely NBA ownership, direct athlete business and legalized sports betting had begun to overlap.
