sports
New York sportsbooks and bettors split $587.6 million in wagers during NBA Finals week
New York sportsbooks recorded a $48.5 million loss during Games 3 to 5 of the NBA Finals. DraftKings alone posted more than $14 million in losses on $195.6 million in handle for the week ending June 14.
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Sportsbooks lost $48.5 million across New York state during Games 3 to 5 of the NBA Finals, New York Post reported. The losses ended a streak of 231 consecutive weeks of profit for operators in the state. DraftKings posted a loss of more than $14 million on $195.6 million in handle in New York for the week ending June 14.
Johnny Avello, a DraftKings executive, said the company won only one of the five NBA Finals games in state betting. Bettors placed $587.6 million in wagers in New York that week. The Knicks were listed as +230 underdogs against the Spurs and +240 underdogs against the Thunder.
Avello stated on May 28 that DraftKings was not disrespecting the Knicks. He later said the Spurs held a higher power rating despite the Knicks' run. Avello added that if the series started now the numbers would not change much and the Spurs would still be favored.
The Knicks had opened as second favorites to win the Eastern Conference. The Celtics are listed at +320 to win the conference and +850 to repeat as champions. The Thunder and Spurs are each listed at +270 to win the NBA title.
Avello said DraftKings mostly takes action on trades, signings and the draft after the NBA season ends.
