The 36-year-old, who was released by Bolton Wanderers in the summer after 10 years at the club, has spoken of one specific incident where a fellow footballer asked to borrow £2,000 from him and is yet to pay him back.
"One good friend begged me to lend him £2,000 as his brother was in big trouble and had some nasty people after him," Davies told The Mirror. "I caved in and went to the bank and drew it out for him but did not really believe him as I had heard he loved it in the casino.
"I handed over the money and he ensured me he would pay me back. I drove past the casino later that day and saw his car outside much to my disgust, but not surprised. I am not in touch with him anymore and although he is still playing in the Premier League, he still owes me that cash."
Davies has also revealed that he saw a player check his racing bets at the half-time interval of a match.