LeBron James' ex-teammate Damon Jones' Granted Bail with Surprising $200K Twist in Betting Scandal Case: Report

Damon Jones, a longtime friend and ex-teammate of LeBron James, was one of three individuals arrested last month in connection to an illegal poker operation and gambling charges. The latest development in Jones's case involves his release from jail following a dramatic twist.

According to reports, the former 11-year NBA veteran was granted bail on Thursday after his parents put up their Houston home to help secure a $200,000 bond.

Evan Sidery

@esidery

Former NBA player and assistant coach Damon Jones arrived in court today to plead not guilty on illegal gambling and poker case charges. Jones’ parents put their home in Houston up as collateral to help bail the 49-year-old out of jail on $200,000 bond.

Jones was released from custody after he appeared in a Brooklyn federal court and pleaded not guilty to the two charges against him.

The former NBA journeyman was among dozens of individuals who were arrested on October 23 in relation to federal investigations on the illicit poker and gambling activities. Portland Trail Blazers head coach Chauncey Billups and Miami Heat guard Terry Rozier were also taken into custody.

A November 1 report by NBC's Chloe Atkins and Corky Siemaszko details the circumstances leading up to Jones's arrest. According to the report, Jones has been dealing with financial woes for well over a decade. In 2013, he filed for bankruptcy, listing his Yorkshire Terrier as an asset worth $1.

Jones would file for bankruptcy again in 2015, and as per court records at that time, he had a debt of $47,000 owed to the Bellagio Hotels and Casino. He also owed an estimated $640,000 to creditors.

In 2023, Jones allegedly urged a co-conspirator in the gambling case to place a bet on a Milwaukee Bucks-LA Lakers game. He was said to have disclosed nonpublic information on his friend LeBron James' injury status in this situation.

According to the NBC report, Jones was just a "few months away from being evicted from a luxury Houston apartment building" at the time that he disclosed the information on James.

Report: Damon Jones put up his 2016 NBA championship ring as collateral

The NBC report by Atkins and Siemaszko added that, years before his arrest, Jones had put up his 2016 NBA championship ring "as collateral for a personal loan."

New York Post

@nypost

Damon Jones used Cavaliers championship ring as loan collateral years before FBI arrest

Though Jones did not win an NBA championship during his playing years, he earned the championship ring as a member of Ty Lue's coaching staff in the Cleveland Cavaliers' 2016 playoff run.