With New York continuing to reach new milestones, Texas has pushed for a sports betting market. This news comes after California’s initiative failed miserably on the ballots, as the state will have to wait until.
Why Texas is An Attractive Destination?
The only major jurisdiction with a sports gambling market in the Gulf is Louisana. Jim “Mattress Mack” is one of the major gamblers from Texas and places a plethora of wagers in Louisana, as the Lone Star doesn’t have a legalized market.
TX sports betting legislation was pre-filed on Monday by Sen. Carol Alvarado ahead of the legislative session that will begin on January 10, 2023. Just behind California and way ahead of New York, Texas is also the second most populous state in the country.
Former Texas Gov. Rick Perry also has a new job in the state. He is the spokesman for the Texas Sports Betting Alliance and is pushing for a legalized market. He is encouraging safe ways to place wagers, as offshore sportsbooks have been frowned upon by the industry.
Bettors that use offshore sportsbooks or local bookies are giving their personal information to unknown parties. Also, bettors on these sites may not even get paid out as these sites are operating outside of the United States. These platforms aren’t obligated to follow the rules that are set by the gaming industry.
Why Do Supporters want to Bring Legalized Sports Gambling to the State?
Texas has become a major destination for people and businesses. Being a prominent market destination, the state offers many professional franchises and some of the best colligate programs in the nation. A sports wagering market would bring more job opportunities to the state.
This would also lead to a plethora of revenue, just like in New York. The revenue could be used to fund programs like education and other programs that could use the funding.
Last year, the sports gambling effort gained some traction but stalled during the legislative session. Since 2009, Alvarado has introduced similar legislation, including in 2021. In the resolution, multiple types of casino licenses would be created.
Many professional teams have also extended partnerships with major sportsbooks. For example, BetMGM has a partnership with the World Series champions Houston Astros.
Sports teams in Texas have done pretty well. There are many teams in Texas that are upcoming, like the Texas Rangers, as they look to spend more money in free agency this year.
Will there be a Strong Push in 2023?
Texas has missed out on a lot of unrealized revenue, as reports show that many have been using offshore sportsbooks. Texas could potentially be a more lucrative market than New York, and more people live in the state. The Empire State has brought in over $500 million in adjusted gross revenue, with two months remaining in 2022.
Texas Sports Betting Alliance spokesperson Cara Gustafson stated that 2022 was a year to educate lawmakers about the issue. Many experts predict a major push will come forth as soon as the session begins.
