A beer garden owner on the Upper East Side is anticipating an eventful evening for both the Knicks and his patrons.
Customers at The Jeffrey will receive a $100 reduction on their bar tab if the Knicks defeat the San Antonio Spurs in Game 1 of the NBA Finals on Wednesday night. Andy Freedman, the owner, is mitigating the financial impact by placing a $5,000 hedge on the Knicks via the prediction market Kalshi.
“The city is buzzing, and it’s fantastic for the bar scene,” Freedman, an avid Knicks supporter, told The Post.
“Since the pandemic, we haven’t seen this level of communal excitement that the Knicks have stirred among New Yorkers. We’re just thriving on that energy.”
This innovative strategy follows a previous promotion where the bar offered a 1-percentage point discount on every customer’s bill for each point the Knicks won by in their Game 4 clash with the Cleveland Cavaliers during the Eastern Conference Finals.
The bar slashed prices by 37% after the Knicks’ commanding 130-93 victory, an event that garnered enough attention for Bloomberg to cover it.
A representative from Kalshi learned about the promotion and presented Freedman, who is also a Manhattan lawyer, with an offer he couldn’t refuse.
“I’m not a compulsive gambler, but I dabble occasionally,” Freedman remarked. “I researched a bit and thought it would be a cool initiative to pursue.”
The bar released a social media video detailing the offer—if the Knicks win, patrons receive $100 off their tabs. Freedman anticipates earning over $13,000 from Kalshi if the Knicks succeed, allowing him to recover much of his projected losses.
Should the Knicks lose, Freedman would forego the $5,000, but the excitement generated by the promotion is expected to compensate with a bustling night at the venue.
The discount does not apply to tips or taxes.
Freedman, who co-founded The Jeffrey in 2013, has called New York home for 23 years.
Since moving to New York, Freedman has been a dedicated Knicks fan through their highs and lows.
“It’s been incredible, truly historic, the run they’ve been on,” Freedman said. “And you hope it continues.”
