“did I understand that correctly?”
I don’t think so.
1) The search results haven’t been effected at all, and the almost certainly will not be. No reason to.
2) Yahoo removed categories in its Directory for sites that directly offered online gambling, for example,
http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Gambling/Online_Casinos/
but they did not remove gambling sites that link to online gambling sites, for example,
http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Gambling/Casinos/Directories/
This is a logical thing for them to do. They stopped taking money from sites offering online gambling via the Overture ads, so they also have stopped taking money from these sites for being in their Directory… which is basically the same idea. It wouldn’t have made much sense to not take money from these sites with their right hand while their left hand accepted it.