Shaquille O'Neal on Thursday night addressed the bombshell arrests associated with current and former NBA players ... and he didn't hold back, saying he was "ashamed" of the guys for putting themselves in the situation.

Just hours after Chauncey Billups , Damon Jones and Terry Rozier were taken into custody for their alleged roles in illegal sports betting and rigged gambling schemes ... O'Neal chided the trio while on the set of "Inside the NBA." Play video content

O'Neal told his colleagues he's not a saint -- admitting he partakes in gambling from time to time -- but he added, "I'm ashamed that those guys would put their families and their careers in jeopardy."

"There's an old saying in the hood," the Lakers legend said. "'All money ain't good money.' So if you're making $9 m

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