Introduction
Damon Jones is a former NBA guard known for his proficiency from beyond the arc and his transition into coaching, but his career has recently been thrust into the spotlight for very different reasons: legal trouble tied to gambling and insider information. In this article, we’ll explore his life, career, the gambling scandal, and his net worth.
Early Life and Background
Damon Darron Jones was born August 25, 1976 in Galveston, Texas. He attended Ball High School (Galveston) and went on to play college basketball at the University of Houston between 1994 and 1997. During his college career he majored in sociology.
From being undrafted in the 1997 NBA Draft, Jones worked hard in the minor leagues and overseas before breaking into the NBA. His journey illustrates persistence: despite being undrafted, he carved out a lengthy professional career.
NBA Playing Career: Rise & Highlights
Jones’ NBA career spanned approximately 11 seasons, primarily from 1999 to 2010. He played for multiple teams including the Miami Heat, the Cleveland Cavaliers, and others such as the New Jersey Nets, Boston Celtics, Golden State Warriors, Dallas Mavericks, Vancouver Grizzlies, Detroit Pistons, Sacramento Kings and Milwaukee Bucks.
His breakout year came with the Miami Heat in 2004-05:
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He made 225 three-point field goals, ranking third in the NBA.
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He ranked 5th in three-point field goal percentage (43.2 %).
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He led the NBA in “True Shooting Percentage” that season at 62.5 %.
These stats cemented him as a reliable shooter and role player. On the Cleveland Cavaliers, he played alongside LeBron James and was known for his locker-room presence and shooting ability.
Coaching & Post-Playing Career
After retiring as a player, Jones transitioned into coaching and player development. He served as an assistant coach with the Cleveland Cavaliers during their 2016 championship season. His work behind the scenes and his reputation as a shooter made him a valued resource.
Gambling & Arrest: What Happened?
One of the most significant chapters of Jones’ life is his involvement in a federal investigation into gambling and the misuse of insider information. The scandal is important not only for Jones but for the league and the broader sports betting world.
The Investigation
On October 23, 2025, Jones was arrested by the Federal Bureau of Investigation (FBI) as part of a massive probe into illegal sports betting and rigged poker games. The indictment alleges Jones provided non-public information (such as player injuries and minutes) to bettors, facilitating illegal wagers.
More specifically:
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The case spans two schemes: one dealing with insider information on NBA games (prop bets) and another dealing with rigged high-stakes poker games backed by Mafia families.
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Jones is charged along with more than 30 individuals across 11 states involving the four major New York crime families (Bonanno, Gambino, Genovese, Lucchese).
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One example cited: Jones allegedly told a co-defendant that a Lakers star (referred to as “Player 4” in the indictments, identified as Anthony Davis) was “probable” for a game, enabling a $100,000 bet against the Lakers which resulted in the Lakers winning.
Why It Matters
This arrest is particularly headline-worthy because:
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It implicates former and current NBA figures in large-scale gambling conspiracies, threatening the league’s integrity.
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It highlights how the legalization and expansion of sports betting create new vulnerabilities in professional sports.
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It shows the complexity of organized crime involvement in sports and gambling. The poker scheme reportedly used cheating devices (rigged shuffle machines, marked decks, X-ray tables) to victimize wealthy gamblers.
Status & Potential Ramifications
Jones faces serious charges including conspiracy to commit wire fraud and money laundering. The full legal process is still unfolding, and as with any legal case, Jones is presumed innocent until proven guilty. The investigation is ongoing, and further indictments are expected.
From a career standpoint:
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His coaching opportunities and reputation may be severely impacted.
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The NBA will likely intensify scrutiny of insider information, prop betting, and relationships between players/coaches and gambling operations.
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If convicted, Jones could face significant fines, forfeiture, and prison time.
Who Is Damon Jones? (Summary)
In brief:
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He is a former NBA guard known for three-point shooting and efficiency.
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He’s an undrafted player who achieved longevity and respect in the league.
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He transitioned into coaching after his playing days.
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He is now at the center of a major federal investigation regarding gambling and insider information.
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His reputation has shifted dramatically—from skilled shooter to alleged participant in sports corruption.
Net Worth: How Much Is Damon Jones Worth?
Let’s break down the available data and what it means.
Career Earnings
According to Basketball-Reference, Jones earned approximately US$21.7 million in his NBA playing career. Spotrac confirms similar figures.
Net Worth Estimate
According to Celebrity Net Worth, Damon Jones’ current net worth is estimated at US$7 million. This figure is based on his career earnings, post-career ventures, and assumed expenditures. It’s worth noting that net worth figures are inherently speculative.
Context & Considerations
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A career earning of ~US$21.7 million does not translate directly to net worth because of taxes, agent fees, lifestyle, investments, and other liabilities.
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The legal issues he now faces could affect his finances—potential legal costs, fines, and reputational damage can reduce net value.
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As former players age and revenue from endorsements or coaching decline, net worth often drops or plateaus if not carefully managed.
Key Takeaways & Implications
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Damon Jones’ story is a vivid reminder of how professional athletes must remain vigilant regarding gambling, insider information, and personal conduct.
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The scandal reinforces the concept that sports and gambling are increasingly entwined—and that oversight is paramount.
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For the NBA, this is a watershed moment: the league will likely face pressure to tighten rules around betting, prop bets, and insider affiliations.
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For Jones personally, the upcoming legal process will define his legacy—not just as a shooter or coach, but as a figure in one of the biggest gambling investigations in sport.
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From a financial perspective, his net worth remains respectable compared to many former athletes—but the risks from this scandal could significantly impact his economic future.
Conclusion
Damon Jones’ journey—from undrafted hopeful to NBA shooter, from coach to indicted figure in a major gambling investigation—is complicated, fascinating, and cautionary. As the investigation unfolds, more details will emerge about his alleged role, the mechanics of the gambling schemes, and the broader impact on the NBA. Meanwhile, his estimated net worth of US$7 million gives perspective on the financial side of his career—but may be overshadowed by legal and reputational costs ahead.
