New York Sportsbooks Lose $48 Million Thanks To Knicks Championship

The New York Knicks' recent NBA Championship victory over the San Antonio Spurs resulted in substantial financial setbacks for New York State sportsbooks. Reports from the New York State Gaming Commission indicate that operators collectively lost over $48.5 million during the final week of the championship series. This outcome was primarily attributed to New Yorkers placing significant wagers on their home team, which ultimately secured the series in five games.

The championship series also saw remarkable betting volume. All five games of the finals ranked among the top six most-wagered-on games in New York history, according to the New York Post. Game 5 specifically became the most-bet NBA game ever recorded on DraftKings, while BetMGM reported a 28.6% increase in average handle per game compared to the 2025 Finals.

Sportsbooks typically aim to balance betting on both sides of an event to mitigate risk. However, heavily skewed betting towards one outcome, even after line adjustments, can expose operators to considerable losses. This situation mirrors previous instances, such as the 2019 Super Bowl, where New Jersey and Rhode Island sportsbooks incurred multi-million dollar losses due to widespread betting on the New England Patriots.

Live wagering during the NBA Finals also contributed to the substantial losses for sportsbooks. A notable example occurred in Game 4, when the Knicks staged a 29-point comeback. Despite the long odds of 22-1 at one point, New York bettors continued to place wagers on their team, leading to significant payouts for those who backed the comeback. One individual bettor also achieved substantial wins throughout the playoffs using a series of "ladder bets," reportedly cashing in millions by wagering on the Knicks.