The New York Knicks not only torched the San Antonio Spurs in the NBA finals. They put a hurting on their home state’s sportsbooks too.
Reports from the New York State Gaming Commission show the state’s operators lost more than $48.5 million during the final week of the championship series. New Yorkers backed the Knicks in a big way at the betting windows, and the team delivered with three wins to close out the series in five games.
“The Knicks destroyed the New York sportsbooks,” gaming social media influencer Vegas Pauly C posted on Instagram about the losing week. “And they didn’t make it up in Texas where sports betting is illegal. Kalshi made money everywhere.”
Record Handle In Finals
By comparison, the playoffs tipped off on April 18 and delivered weekly gross gaming revenue ranging from $26.9 million to $69.5 million for New York sportsbooks throughout the postseason before the finals.
The New York Post reported that the finals’ five games were all among the top six games ever wagered on in New York. Game 5 became the most-bet NBA game ever at DraftKings. Additionally, BetMGM reported an increase of 28.6% in average handle bet on each game from the 2025 Finals.
Sportsbooks generally aim to even out betting on both sides of a contest to reduce risk. However, a lopsided handle on one side does happen even after adjusting betting lines and can bring some considerable risk for the operator.
This scenario played out in New Jersey in 2019 with heavy betting on the New England Patriots to win the Super Bowl. The Patriots beat the Los Angeles Rams, 13-3, and Garden State sportsbooks lost $4.5 million. Most Rhode Island bettors took the Patriots as well that year, resulting in the state’s sportsbooks losing $2.35 million.
In 2024, a nice run of wins by football bettors had such a financial impact on some of the country’s largest sportsbooks that some were forced to revise revenue expectations for the year.
Live Wagering Also Popular With New York Bettors
Live wagering during the NBA Finals also saw major numbers this year, according to The Athletic. The Knicks’ epic 29-point comeback in Game 4 saw live odds reach 22-1 at one point, and despite the deficit, New York bettors still dropped some cash on the home team and reaped a hefty profit.
“Even though the game looked like it was out of reach for the Knicks and they probably couldn’t come back, the Knicks followers continued to stay on the team and bet on the team, knowing they’re capable of a comeback, they’ve done it before and they can do it again,” DraftKings Sportsbook Director Johnny Avello said.
“I would say the [bettors] did well.”
One particular New York bettor found some big wins against the house throughout the playoffs. The handicapper used a series of “ladder bets” to cash in for millions of dollars wagering on the Knicks.
