Susquehanna Takes Multi-Million Loss on Knicks' Game 4 NBA Finals Comeback
Updated
Updated · Bloomberg · Jun 12
Susquehanna Takes Multi-Million Loss on Knicks' Game 4 NBA Finals Comeback
1 articles · Updated · Bloomberg · Jun 12
Summary
Susquehanna International Group absorbed a multi-million-dollar hit after the New York Knicks rallied to win Game 4 of the NBA Finals.
The loss was triggered by the game's unexpected turnaround, which swung payouts on sports-event contracts traded on prediction-market exchanges.
Susquehanna is one of the biggest market makers on those fast-growing venues, leaving it exposed when a sharp in-game reversal catches traders offside.
Jeff Yass, Susquehanna's founder and a longtime Knicks fan, saw his favorite team's comeback coincide with a costly trading setback.