It took 53 years, but the New York Knicks finally brought an NBA championship back to the Big Apple. Their memorable title run not only ended a decades-long drought, it also helped create another piece of history across the Empire State.
According to reports, New York sportsbooks experienced their first losing week since online sports betting launched in the state, with operators collectively losing nearly $50 million. The timing was no coincidence, as the Knicks' championship run turned into a windfall for countless bettors across New York.
Many loyal Knicks fans cashed in futures tickets that had been sitting for months. Some had wagered on the team before the season began when the odds were long, while others jumped aboard before the playoffs or prior to the NBA Finals, when New York was still listed at nearly 2-to-1 odds to win the title.
The biggest damage to sportsbooks may have come during the Finals themselves. Despite the Knicks eventually lifting the Larry O'Brien Trophy, oddsmakers made New York an underdog in every road game of the series. Bettors took notice and pounced on the plus-money prices, with reports indicating the overall betting handle increased by more than 50 percent during the Finals.
The Knicks rewarded that confidence with several comeback victories and a championship that many fans had waited a lifetime to celebrate. The combination of futures bets and game-by-game moneyline wagers proved to be a costly one for sportsbooks.
Still, there is little reason to feel sorry for the operators.
Even after the historic losing week, New York remains the nation's leader in sports betting since the repeal of PASPA in 2018. The state has generated nearly $100 billion in betting handle, far surpassing every other state in the country. Neighboring New Jersey ranks second with approximately $75 billion in handle.
For sportsbooks, one bad week won't change the long-term outlook. But for Knicks fans and sports bettors throughout New York, the championship season will be remembered for more than just banners and parades.
It was a week in which history was made on the court and at the sportsbook window, proving once again that when New York wins, the entire state celebrates.