Besides the charging docs above, regarding the NCAA it’s more that he’s betting on his school’s team. The thinking is likely that you might have material, inside info given you’re around athletes from your school (not just your own sport). That’s a huge no-no. (Edit - I see that rationale is covered in
@AndEEss post)
Those charging docs really present a very dicey problem with all this new money in athlete hands through NiL - young, immature kids having no clue about the shitstorm you face if you practice illegal tax avoidance (differentiated from the legal tax avoidance practiced by your billionaires and such with access to competent tax attorneys)