Entering Game 1 of the NBA Finals, sportsbooks and Knicks fans were aligned on the same outcome: the first NBA championship in 53 years for the orange and blue.
Heading into Game 3, fans can almost taste the victory champagne with the Knicks up 2-0 in the series, but oddsmakers have reversed course.
According to John Ewing of BetMGM, the volume of money on the Knicks to win the NBA Finals has been so high that New York winning has gone from the preferred outcome to a huge liability.
“There has been so much money on [the Knicks] since the start of the Finals that the book is hoping the Spurs can rally to win the title,” Ewing stated on social media.
It is a remarkable turnaround after just two games, but then again, no one expected the Knicks to steal two wins on the road, something only two previous teams in NBA history had done in the NBA Finals.
The Knicks entered the series as the underdog despite rolling through the Eastern Conference playoffs at an historic rate. The Spurs, for their part, did knock off the 2025 NBA champion Thunder with a statement win on the road in Game 7.
The path certainly seemed more arduous for the young and talented San Antonio team heading into the Finals.
“The Spurs have the best player and the better overall team, making them clear favorites in the NBA Finals.” Anthony Parenti, a Sports Trader at BetMGM, stated before the series. “The sportsbook will be cheering for the Knicks as San Antonio is the biggest remaining liability on the futures book.”
The Spurs opened the season at 25-1 odds and 66-1 when the season started. No one expected a group that hadn’t even made the playoffs to make a run to the NBA Finals this quickly. The Knicks, meanwhile, opened the season at +700 odds to win the title.
Over the course of the season, BetMGM has taken some big bets on the Spurs, including a $50,000 bet that would win $325,000 if the Spurs win. But huge bets have come in on the Knicks, too.
A bettor at BetMGM made a $20,000 wager on the Knicks to win the title at 22-1 odds, which would win them $440,000. Another bettor wagered a whopping $200,000 on the Knicks to win the Finals at +155 odds just before the series began. That bet would win them $510,000.
The Knicks are now massive favorites to win their first championship since 1973 with two home games ahead of them and a 13-game winning streak at their backs. Neither of the two teams in the Spurs’ position, down 0-2 after losing the first two games at home, has come back to win the series; the 1993 Suns pushed the Bulls to six games, and the 1995 Magic were eventually swept by the Rockets.
Oddsmakers are hoping the Spurs, who have ignored historical precedent for this entire postseason run, can do the improbable one more time.
Their bottom line is counting on it.
Malik Smith has been immersed in the sports betting industry since 2017. He’s a data nerd with a particular focus on the NBA and combat sports. He spends his weeknights in the winter looking for edges on plus-money NBA player props.
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