NY Sportsbooks Lose $48M Thanks To Knicks Championship

Reports from the New York State Gaming Commission indicate that New York sports betting operators lost more than $48.5 million during the final week of the NBA Championship series, which concluded in June 2026. This substantial loss was primarily a result of New Yorkers heavily backing the Knicks, who secured the championship in five games.

This period also saw one of the highest weekly betting handles for the state's sportsbooks. The *New York Post* reported that all five games of the NBA Finals ranked among the top six most wagered-on games in New York history. Game 5, in particular, became DraftKings' most-bet NBA game ever, with BetMGM noting a 28.6% increase in average handle per game compared to the 2025 Finals.

Sportsbooks typically aim to balance betting to mitigate risk; however, lopsided betting, even with adjusted lines, can lead to significant operator exposure. Similar situations have occurred in the past, such as New Jersey sportsbooks losing $4.5 million on Super Bowl LIII in 2019 due to heavy wagering on the New England Patriots, and Rhode Island sportsbooks losing $2.35 million that same year for similar reasons.

Live wagering also played a role in the significant payouts. During Game 4, when the Knicks faced a 29-point deficit, live odds reached 22-1. Despite this, many New York bettors continued to place wagers on the team, capitalizing on their eventual comeback victory. One particular bettor reportedly won $1.1 million throughout the playoffs by employing a series of "ladder bets" on the Knicks.