The fervor for table tennis in Colorado continues to be so great it even managed to generate more handle than what was wagered on the NCAA Men’s Basketball Championship game.
Of the $417.8 million wagered on sports in April, $6.6 million was wagered on table tennis, while the Final Four games of the tournament generated $5.6 million in bets. While the books eked out $600K in profit from table tennis, the bettors got the best of the books when it came to the Final Four, profiting over $1.3 million.
NBA basketball was the most popular sport, which is unsurprising given the postseason run of the Denver Nuggets. There were $136 million in bets on basketball with another $73 million in parlays. Baseball was the next-most popular sport with $88 million in wagers.
Revenue for the month came out to $35.1 million with around $9.3 million awarded in promotional credit. The state received $2.6 million in taxes from the action.
Handle was up 6% year over year while revenue experienced a huge uptick from last April with a 56% bump. Month over month, handle dipped from $494 million in March and revenue was down from the healthy $45 million March Madness upsets helped contribute to.
Since a new law went into effect Jan. 1 limiting sportsbooks to a maximum promotional credit deduction of 2.5% of handle, operators have not quite maxed out the promotional credit they can offer each month. After a new low point of 1.8% of handle in March, promo spending bumped back up to 2.2% in April.
