Sportsbooks lose millions on Knicks NBA Finals run: Not good after 241 week win streak ends
Roasted, toasted, burnt to a crisp — the Knicks weren’t the only winners during the NBA playoffs: their believers cashed in huge.Multiple sportsbooks reported massive losses on the NBA Finals, including a $48.5 million loss across New York state just during Games 3 to 5 alone.When the Knicks were priced as +230 underdogs to the Spurs and +240 underdogs to the Thunder, The Post told DraftKings head trader Johnny Avello that the odds were a bit disrespectful and they needed to reevaluate who was favored in this series.“We’re not disrespecting the Knicks,” Avello told The Post on May 28 when the Spurs officially became the opponent.DraftKings now has changed their tune after a “not good” result for them in the finals, but they still wouldn’t change the odds if the finals was starting around now.“Knicks had a pretty incredible run, the Spurs had their chances, they were leading by double digits in almost every game.
The Spurs weren’t the best team out of the rest, but their power rating was certainly higher than the Knicks’,” Avello said to The Post.“If the series were to start now, I don’t think the numbers would change much.
I think the Spurs would still be favored.”Just in New York state, $587.6 million was bet on the week ending on June 14, one of the highest in state history.DraftKings posted a $14-plus million loss on $195.6 million handle, and Avello told The Post that it wasn’t just taking a hit in the Empire State.“Overall it was not good.The bettors were on the right side.
But no regrets.We want to play to the ratings and the model.
When you look back the Spurs were winning every game.one by 29 and lost it, Avello added.
“Double digits and lost it.They pretty much choked at times when they shouldn’t have.
It’s most inexperience.Guys came in from other teams with experience.
I think that was the difference.I think we posted the right number.”Avello did add that the number that they posted was not ideal in the...