{"id":348596,"date":"2026-09-16T19:46:13","date_gmt":"2026-09-16T19:46:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/348596\/"},"modified":"2026-09-16T19:46:13","modified_gmt":"2026-09-16T19:46:13","slug":"knicks-fans-bet-big-on-their-team-the-sports-betting-giants-lost-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/348596\/","title":{"rendered":"Knicks fans bet big on their team. The sports betting giants lost"},"content":{"rendered":"

When the New York Knicks won<\/a>, the gambling giants lost.<\/p>\n

More than $1 billion in bets were placed on mobile devices in New York during the two weeks the Knicks played in the NBA Finals in June, according to state gaming revenue reports<\/a>.<\/p>\n

During that same period, the nine mobile sportsbooks operating in New York lost a combined $14 million \u2014 coinciding with the Knicks winning a deciding fifth game over the San Antonio Spurs.<\/p>\n

That loss was potentially due to New Yorkers betting big on the Knicks to win their first championship since 1973<\/a>, which drew significant payouts because the team was a healthy underdog, state Comptroller Thomas DiNapoli concluded in a new report issued Wednesday.<\/p>\n

\u201cThe 2026 NBA Finals demonstrated how large winning wagers associated with high odds can sharply reduce gross gaming revenues and, in turn, the collections from the tax on those revenues,\u201d DiNapoli\u2019s report concluded.<\/p>\n

New York first launched mobile sports wagering<\/a> in 2022. It allows people who are physically present in the state to open up FanDuel, DraftKings or one of the other permitted mobile apps and place a bet on most major professional and college sporting events.<\/p>\n

The sportsbooks\u2019 losses meant New York\u2019s tax coffers took a hit.<\/p>\n

The state taxes the gross revenues of mobile sportsbooks at a rate of 51%. That means the state got nothing the week the books lost money. But the state likely came out ahead when factoring in sales tax collected during the Knicks\u2019 extended playoff run<\/a>, with New York City Mayor Zohran Mamdani\u2019s office estimating<\/a> it generated hundreds of millions of dollars in economic activity.<\/p>\n

The week the Knicks won still marks the only time the mobile sportsbooks reported a net loss in New York since launching four years ago, according to the state Gaming Commission\u2019s weekly reports, which the Capitol Pressroom<\/a> noted in June.<\/p>\n

DiNapoli\u2019s report assessed the current state of New York\u2019s legalized sports gambling market, which has accounted for $91.2 billion of wagers from the start of 2022 through March 2026. After payouts, the books reported gross revenue of $8.3 billion, according to the report.<\/p>\n

The bulk of that money is wagered on five sports: basketball, football, baseball, tennis<\/a> and soccer. Even before the Knicks\u2019 run, basketball accounted for more than $9 billion in wagers in 2025 \u2014 easily outpacing the $5 billion spent on football.<\/p>\n

All told, the mobile betting companies reported more than 7.2 million unique accounts in New York as of last year, according to the report.<\/p>\n

At the same time, calls to the state\u2019s HOPEline \u2013 which provides support for people struggling with gambling, among other things \u2014 have increased.<\/p>\n

There were 2,545 total calls in 2025, an 8.5% increase since 2020. The most-common reason for calls has been sports betting since 2022, the report found.<\/p>\n","protected":false},"excerpt":{"rendered":"When the New York Knicks won, the gambling giants lost. More than $1 billion in bets were placed…\n","protected":false},"author":2,"featured_media":348597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[9,11,10,49,51,50],"class_list":["post-348596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-new-york-state","tag-new-york-state-headlines","tag-new-york-state-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/348596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=348596"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/348596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/348597"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=348596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=348596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=348596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}