Share 
New York mobile sportsbooks lost a combined $14 million during the two weeks the Knicks played in the NBA Finals, even as bettors placed more than $1 billion in wagers on their phones statewide.
The figures come from a report highlighted by State Comptroller Thomas DiNapoli, who said the losses likely reflected large winning bets on the Knicks, who entered the series as underdogs. Because New York taxes mobile sportsbook gross revenue at 51%, the operator losses also reduced tax collections tied to that period.
Knicks betting surge cut into sportsbook revenue
According to the report, the nine mobile sportsbooks operating in New York took in more than $1 billion in mobile bets during the Knicks’ Finals run in June. After payouts, those operators collectively finished the two-week stretch $14 million in the red.
DiNapoli said the Finals showed how quickly sportsbook results can swing when a heavily backed underdog wins.
> “The 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,” DiNapoli said.
For players, the takeaway is straightforward: even in one of the country’s biggest betting markets, operator revenue does not always move in the same direction as betting volume.
New York’s market remains massive, with basketball leading wagers
The same report said New York’s legalized sports betting market has generated $91.2 billion in wagers from the start of 2022 through March 2026. Sportsbooks reported $8.3 billion in gross revenue after payouts over that span.
Basketball was the state’s biggest betting category in 2025 at more than $9 billion in wagers, ahead of football at $5 billion. Mobile betting companies also reported more than 7.2 million unique accounts in New York as of last year.
That scale helps explain why a single championship series involving a New York team could have a visible effect on statewide sportsbook revenue and tax receipts.
Help-line calls also increased
The comptroller’s report also pointed to responsible-gambling data. Calls to New York’s HOPEline reached 2,545 in 2025, up 8.5% from 2020. The report said sports betting has been the most common reason for HOPEline calls since 2022.
For New Yorkers, that adds another number to watch as the market grows: not just handle and revenue, but signs of gambling-related harm as well.
—
Source: As reported by Jon Campbell.
