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The New York Knicks epic run through the NBA playoffs has paid off in a big way for one BetMGM bettor. The fortuitous gambler cashed in for $1.1 million on 25 wagers made throughout the Eastern Conference finals, with the Knicks sweeping the Cleveland Cavaliers in four games.
The bettor is making use of “ladder bets” throughout the playoffs for an overall profit of $1.7 million so far. Ladder bets involve making several hefty wagers on the favorite to cash in for a much smaller amount than what was wagered.
For example, the prognosticator bet $775,000 on the Knicks in Game 1 against the Cavaliers to win $446,000. The game saw the Knicks rally from a 22-point deficit to win 115-104.
In the second game of the series, the same bettor put up $300,000 on New York to win another $176,000 and continued with the strategy in Game 3, wagering $350,000 to win $217,000, according to the New York Post.
The betting strategy is different from betting on a parlay, which requires several outcomes to be reached for the bets to pay out. This Knicks bettor is making several different bets on the favorite.
Who Is Making These Bets?
Who could possibly be making these types of herculean wagers? It’s likely either a sharp or a wealthy “whale.”
The latter may be more likely because sharp bettors often have limits placed on their betting by sportsbooks. Massachusetts could become the first state in the country to implement a regulation requiring sportsbooks to reveal when and why they are limiting bettors after gaming regulators recently discussed the issue.
Sports betting syndicates are also known to make significant bets like this. However, they usually spread out the betting pool among numerous bettors to avoid seeing their action limited. So far, the bettor has remained anonymous. BetMGM did not disclose if the gambler made other playoff wagers.
Several sports bettors had a lot of success recently. A Florida bettor hit on a six-leg home run parlay for a win of almost $2 million. In December, another bettor in Florida won more than $340,000 on a $1 20-leg college basketball parlay.