Bettors dumped so much money on the New York Knicks in the NBA Finals that BetMGM’s own math flipped: the sportsbook that once wanted the Knicks to win now needs the San Antonio Spurs, according to reporting from Patch.
BetMGM said the handle, the total amount wagered, on Games 1 and 2 of this year’s Finals rose 21 percent over the same stage of last year’s championship series. Much of that came from people backing the Knicks, whose two early wins rewired the book’s exposure for the series.
“Before the NBA Finals began, the Spurs were the biggest remaining liability on the futures market,” Christian Cipollini, a BetMGM senior trading manager, said. “The sportsbook was initially hoping for a Knicks win, but that has flipped after bettors jumped on New York following their first two wins. Now the series going seven games and the Spurs winning is the best outcome.”
The Knicks money included a run of huge tickets from one bettor: $200,000 on New York +4.5, $125,000 on the Knicks +3.5, and a string of other wagers between $20,000 and $50,000. On the Finals MVP market, Jalen Brunson has pulled 63.6 percent of the total handle, leads all players in ticket share, and is the book’s single largest liability if he wins the award. Karl-Anthony Towns and OG Anunoby are among the other top picks.
Public opinion on legal sports betting has soured. A 2025 Pew Research Center survey found 43 percent of U.S. adults now call legalized sports betting a bad thing for society, up from 34 percent in 2022. Another 40 percent say it’s bad for sports, up from 33 percent three years earlier. Fewer than one in five see it as a positive for either.
The scale is the reason the debate has legs. Since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018, legal sports wagering has spread to 38 states, Washington, D.C., and Puerto Rico. Americans legally bet roughly $120 billion on sports in 2023, a 27.5 percent jump from the year before.
Participation has held steady even as opinion sours. Pew found 22 percent of adults placed a sports bet in the past year, up modestly from 19 percent in 2022, with the growth concentrated online: 10 percent now use betting apps, sportsbooks or casinos, up from 6 percent. Nearly a third of adults under 30 reported making a wager in the past year.
The American Gaming Association puts the case for the industry in dollars: it says gaming generated $328.6 billion in economic impact in 2023, contributed $53 billion in federal, state and local taxes, and supports more than 700,000 jobs.
The cost sits on the other side of the ledger. The National Council on Problem Gambling estimates problem gambling creates about $14 billion in social costs a year through health care, criminal justice, lost productivity and bankruptcies. Research from the St. Bonaventure University/Siena College Research Institute found the strain lands hardest on young men. Among men ages 18 to 49 who bet on sports, 38 percent said they’d wagered more than they thought they should, 19 percent said they’d lied about how much they bet, and 18 percent said they’d lost money meant for other financial obligations.
If you or someone you know is dealing with a gambling problem, the National Council on Problem Gambling runs a 24/7 helpline at 1-800-522-4700.
Featured image: Emmanuel Milou from Montreal, Canada / Wikimedia Commons (CC BY-SA 2.0)
