Texas will give sports betting another shot as lawmakers that support the operation will make their case on January 10, 2023. While this takes place, the Dallas Mavericks owner, Mark Cuban, has the vision to build a casino with a resort near the American Airlines Center.
Will Mark Cuban Add On to His Resume
Building a casino in the state will not be an easy task, as there are many internal and external factors that will be in play. He wants to extend a partnership with Las Vegas Sands to build the facility and will need key figures to help him along the way.
Many political figures have expressed their resentment towards sports betting, while some have changed their beliefs slightly as the operation has been proven to generate record-breaking revenue numbers across the nation.
The advocates and opposers of the bill could iron out their differences in the upcoming legislative session. One idea that has been circulating around is only permitting mobile sports betting, while retail wagering is still off the board. This could affect Cuban’s vision, as numerous sportsbooks have retail locations set up in the industry.
Regardless of the potential outcomes, mobile sports betting has proven to drive up the average betting volume, as potential bettors have multiple options to choose from for the most part. “Mattress Mack” has made a few trips throughout the year and once again won big as his hometown Houston Astros won the World Series.
Advocates Will Try to Make a Strong Case Once Again
Lt. Gov. Dan Patrick is one of the biggest advocates to bring sports betting to the Lone Star State. He will try his best to persuade those who are undecided on the issue.
Sports Betting Alliance advocates for legalizing and regulating online sports betting in Texas on behalf of sportsbooks and professional sports teams. Moreover, Gov. Rick Perry was recently hired as a spokesperson by the group. The ex-governor may have changed his stance just enough, as the projections on the potential revenue generated could reach $250 million annually.
The potential tax rate will be 10 percent, which will be one of the lowest in the country. In New York, the nine mobile operators are subjected to a 51 percent tax rate, which is the most in the country and is tied with New Hampshire. The operators have expressed their concerns as it’s going to take a long time to be profitable.
The owners of the Dallas Cowboys, Dallas Mavericks, and the Houston Rockets are part of the Sports Betting Alliance, and Tilman Fertitta (Rockets owner) has bought land on the Las Vegas Strip and has visions to build a casino. In addition, the Golden Nugget owner owns a six percent stake in Wynn Resorts.
Texas Has the Second-Largest Population in the Country
New York has the fourth-highest population in the nation and is the sports betting capital of the world. Texas will be in a good spot if it can pass a bill, as California will have to wait until 2024 to get its second shot.
Next year will be another big year for the industry as numerous states look to pass bills in their respective legislative sessions. Ohio will be the first (universal launch), while Massachusetts will be next in line (Brick-and-mortar).