The Empire State is the most lucrative sports betting market in the U.S., but the house doesn’t always win, especially when the New York Knicks claim their first NBA title in 53 years.
Key Takeaways
- Knicks betting mania swept the country, especially in their home state.
- The USA's World Cup win certainly added to operator woes.
- Six of the Empire State’s eight online sportsbooks finished in the red.
Behind an improbable Game 4 comeback, that decimated sportsbooks in pre-wagering and live betting, and the series clincher against the San Antonio Spurs in Game 5, operators combined to lose $48.5 million for the week, the first losing period since wagering began in 2022.
It likely could’ve been even worse if the Spurs had not won Game 3 in New York. Still, six of the eight Empire State’s online operators reported revenue in red figures. That isn’t a big surprise considering Knicks betting fever swept the nation. Game 4 was the most-bet NBA game in DraftKings’ history.
Enjoying Covers content? Add us as a preferred source on your Google accountIt didn’t help them that the U.S. men’s national team blew out Paraguay 4-1 in its World Cup group-stage opener, getting plus odds and record-setting betting tickets.
Wagering increase
The New York State Gaming Commission reported that bettors wagered an impressive $587.6 million during the week that featured three NBA Finals games and three NHL Stanley Cup Final contests, culminating in the Hurricanes winning the title on June 14.
The latest handle increased 50.3% from the same week in 2025 and 31% week-over-week. It’s the largest amount wagered since late December, topping the Super Bowl week and the first week of March Madness in New York.
It was the third $500-million handle week over the last eight periods.
Big losses on high handles
FanDuel paid out $22.6 million on a $220.8 million handle, reporting the biggest weekly loss of any online operator ever in New York. That’s the most dollars wagered that FanDuel has accepted since Nov. 30, 2025.
DraftKings lost over $14 million on a handle of $195.6 million, its second-largest of 2026. Fanatics paid back $5.8 million on a $67.3 million handle, while the Knicks’ title run cost Caesars over $3.7 million for the week.
BetMGM lost $2.5 million on a handle that was $7 million more than Caesars, and theScore Bet reported just a $13,412 loss on wagers totaling $8.8 million. BetRivers held on to $41,379 from a $9.7 million handle, while Bally Bet was the state’s biggest winner, hauling in $104,046 from a $2.9 million handle.
