India, April 14 -- In an audacious scheme that has shaken the foundations of Texas's beloved state lottery, a shadowy syndicate of professional gamblers from overseas pulled off what state leaders are calling one of the most controversial lottery wins in US history.

At the center of the storm is a $95 million Lotto Texas jackpot drawn in April 2023, from which a secretive gambling syndicate- backed by a legendary Tasmanian high-stakes bettor and operated by a former London banker - walked away with $57.8 million in winnings. The plan: buy nearly every possible combination in the game. The cost: roughly $25.8 million. The profit? Potentially tens of millions.

The mastermind behind the operation, Bernard Marantelli, a former Deutsche Bank...