--- title: "The Knicks' 29-Point Miracle Comeback Let Retail Kalshi Traders Take $22M Off Market Makers" type: "News" locale: "en" url: "https://longbridge.com/en/news/289612564.md" description: "Retail traders on Kalshi profited approximately $22 million from the New York Knicks' historic 29-point NBA Finals comeback, marking Susquehanna International Group's worst sports trading loss. The event drove Kalshi to a record $872 million in daily volume. Meanwhile, Robinhood is shifting some event contracts to its new exchange, Rothera, potentially reducing future retail flow to Kalshi." datetime: "2026-06-12T14:28:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289612564.md) - [en](https://longbridge.com/en/news/289612564.md) - [zh-HK](https://longbridge.com/zh-HK/news/289612564.md) --- # The Knicks' 29-Point Miracle Comeback Let Retail Kalshi Traders Take $22M Off Market Makers The New York Knicks pulled off the largest comeback in NBA Finals history Wednesday, and retail traders on **Kalshi** turned that miracle into roughly $22 million, most of it taken off **Susquehanna International Group**. Market makers lost $22.4 million before fees on the game, while “takers,” mostly retail accounts, booked that $22.4 million in profit before fees and $20.6 million after. Susquehanna, believed to be the largest market maker on Kalshi, reportedly absorbed the bulk of it, in what a source called its worst sports day on record. The damage came almost entirely on the game-winner market. The Knicks traded near 5% while trailing by 29 points in the third quarter, and stayed under 10% for more than 80 minutes of real time, so makers kept selling cheap contracts on a team that would storm back to win 107-106. ## Large Errors For The Spurs With the Spurs up 106-105 and 11 seconds left, **De’Aaron Fox** attacked the rim instead of running out the clock, the kind of human mistake it’s difficult for algorithms to price in. **OG Anunoby** blocked the layup, then won it with a tip-in in the final seconds. The Spurs scored just 16 fourth-quarter points, and **Victor Wembanyama** missed two late free throws that would have made Fox’s error immaterial. “I won’t confirm the exact loss, but it was a tough day,” **Jeff Yass**, the Susquehanna co-founder and a self-described former Knicks fan, told InGame. “I grew up a Knicks fan but at this size, I was conflicted.” ## Record Day For Kalshi The comeback helped drive Kalshi to its biggest day ever, with $872 million traded, narrowly beating Super Bowl Sunday. The surge extends Kalshi’s run as the U.S. market leader, with May volume up over 2,500% on the year, valued at $22 billion in its latest round. The game-winner contract alone saw $171.6 million change hands, ranking among the ten most-traded markets in Kalshi’s history and generating $2.3 million in fees. ## Why It Matters For Robinhood & Kalshi Susquehanna, the desk that absorbed Wednesday’s loss, also makes markets on Rothera, a new, separate CFTC-licensed exchange that **Robinhood Markets (NASDAQ:HOOD)** and Susquehanna invested in last year. Robinhood now routes some event contracts there instead of Kalshi. Robinhood once accounted for nearly 60% of Kalshi’s volume, reportedly down to about 20% by April. As it shifts World Cup and baseball contracts to Rothera, the retail flow behind nights like Wednesday is volume Kalshi may stop seeing. _Image: IMAGN_ ### Related Stocks - [HOOD.US](https://longbridge.com/en/quote/HOOD.US.md) - [MSGS.US](https://longbridge.com/en/quote/MSGS.US.md) - [ROBN.US](https://longbridge.com/en/quote/ROBN.US.md) - [HOOG.US](https://longbridge.com/en/quote/HOOG.US.md) - [HOOX.US](https://longbridge.com/en/quote/HOOX.US.md) - [HODU.US](https://longbridge.com/en/quote/HODU.US.md) - [HOOI.US](https://longbridge.com/en/quote/HOOI.US.md) - [HOOW.US](https://longbridge.com/en/quote/HOOW.US.md) - [HOOY.US](https://longbridge.com/en/quote/HOOY.US.md) - [HOOZ.US](https://longbridge.com/en/quote/HOOZ.US.md) - [HOYY.US](https://longbridge.com/en/quote/HOYY.US.md) ## Related News & Research - [Robinhood partners with WHOOP to offer Platinum Cardholders complimentary annual Peak membership through 2027](https://longbridge.com/en/news/293477075.md) - [Piar LLC Has $1.51 Million Stock Holdings in Robinhood Markets, Inc. $HOOD](https://longbridge.com/en/news/293325767.md) - [California Public Employees Retirement System Sells 7,407 Shares of The Madison Square Garden Company $MSGS](https://longbridge.com/en/news/293816107.md) - [Sushi: adds exclusive Robinhood Chain launch routing for RevShare on SushiSwap V3 - 18 Jul 2026](https://longbridge.com/en/news/293103607.md) - [Chime brings investing directly to its digital banking users](https://longbridge.com/en/news/293363675.md)