As you know, money rules the world. Some people will do anything to make money.
It doesn't matter what they, sports figure/celebrity, are representing, it has always seemed odd to me that after an illustrious career making more money per year than most people will see in a lifetime, they'll often make these commercials. My understanding from people in the film industry is this is commercials are easy money. A day filming, a nice paycheck, and royalties every time the ad plays. But to the first point, why do they need the money and what' their motivation?
The conclusion I come up with is they're retired from their sport and still want to be relevant. Being in the public eye keeps them that way. As the years go by, it becomes harder for them to get the "good" offers. Thus, they make ads for gambling. Just watch late night TV (like ME TV) and the stars of days gone by appear in mass representing the cheesiest of companies/products. Google their net worth and it's clear they don't need the money. It's their chance to have a little bit more limelight.