New York sports bettors beat the house

The New York Knicks and the U.S. men’s soccer team appear to have been bad news for sports gambling operators in the Empire State earlier this month, according to the latest financial report from the state Gaming Commission.

For the first time since New York’s online sports wagering went online in 2022, the operators posted a weekly loss for the period ending on June 14th, coinciding with the Knicks securing their first NBA championship in more than five decades and America handily defeating Paraguay in the World Cup.

The $48.5 million gross gaming revenue deficit was a stark contrast to the average weekly gross gaming revenue of about $49 million for the first 11 weeks of the state’s fiscal year. A majority of the negative gross gaming revenue came from the two biggest players in New York, with DraftKings off $14 million and FanDuel down more than $22 million.

The negative revenue was flagged Thursday night on social media by Christopher Altruda.

Gambling industry observers attribute the results to New York bettors getting behind the improbable championship run of the New York Knicks, who were underdogs against the San Antonio Spurs. Additionally, the U.S. Men’s National Team running up the score in its first game of the World Cup is also expected to have played a role in operators running in the red.