{"id":713656,"date":"2026-06-19T13:51:09","date_gmt":"2026-06-19T13:51:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/713656\/"},"modified":"2026-06-19T13:51:09","modified_gmt":"2026-06-19T13:51:09","slug":"knicks-run-triggers-first-ever-net-loss-for-new-york-sportsbooks","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/713656\/","title":{"rendered":"Knicks&#8217; run triggers first ever net loss for New York sportsbooks"},"content":{"rendered":"<p>Usually, it\u2019s good for the house when bettors bet with their hearts.<\/p>\n<p>Sometimes, it isn\u2019t.<\/p>\n<p>Via Chris Altruda on Twitter, the New York State Gaming Commission announced a mobile betting <a class=\"Link\" href=\"https:\/\/x.com\/3rdPlanetChris\/status\/2067698852140917157?s=20\" target=\"_blank\" rel=\"noopener nofollow\">loss of more than $48 million<\/a> for the week ending in June 14. <\/p>\n<p>On June 13, the New York Knicks beat the San Antonio Spurs to win the NBA title. On June 10, the Knicks erased a 29-point deficit to take a 3-1 series lead.<\/p>\n<p>It wasn\u2019t just the biggest loss New York has absorbed in a given week. It was the first time ever that a week ended with New York in the red.<\/p>\n<p>While that may look like bad news for the sportsbooks on the surface, periodic losses become valuable marketing tools. They create the impression that gamblers can win. Which lures them back to gamble some more.<\/p>\n<p>The reality is that, over time, the house wins. Big. That\u2019s how the sportsbooks end up being worth so much money, and it\u2019s why so many states have taken the plunge to impose what Warren Buffett calls a \u201c<a class=\"Link\" href=\"https:\/\/www.nbcsports.com\/nfl\/profootballtalk\/rumor-mill\/news\/warren-buffett-explains-sports-betting-in-simple-terms-its-a-tax-on-stupidity\" target=\"_blank\" rel=\"noopener nofollow\">tax on stupidity<\/a>.\u201d<\/p>\n<p>They\u2019re hoping people will respond to the news of a $48 million loss by thinking, \u201cMaybe we can win.\u201d<\/p>\n<p>Ultimately, the house wins. The industry wouldn\u2019t exist if it wasn\u2019t highly profitable. And those profits always come from the pockets of the people who bet.<\/p>\n","protected":false},"excerpt":{"rendered":"Usually, it\u2019s good for the house when bettors bet with their hearts. Sometimes, it isn\u2019t. Via Chris Altruda&hellip;\n","protected":false},"author":2,"featured_media":713657,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[349,99],"class_list":["post-713656","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nfl","tag-nfl","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/713656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=713656"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/713656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/713657"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=713656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=713656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=713656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}