Online sports betting legislation could be on the table Texas This year, professional sports teams could be the goalkeepers in the industry.
According to multiple sources, LSR has understood that the Texas governor’s office is like lobbyists and regulators in states New Jersey for advice on how best to legalize sports betting.
“Something is going to happen in Texas,” he said Bill Pascrell III, a lobbyist with the Princeton Public Affairs Group. “It’s complicated because there is no game culture and nothing in particular. But the governor is interested and the legislature is interested. “
Sources indicate that the TX sports betting effort is backed by influential team owners, including Jerry Jones of Dallas Cowboys, Mark Cuban of Dallas Mavericks, and Tilman Fertitta of Houston Rockets.
How would Texas’s sports betting plan work?
A plan that was circulated would see 14 to 20 Licenses available for the state’s professional sports teams and a handful of Texas horse tracks. In essence, the teams would be the equivalent of Casinos In a gaming state like New Jersey, they can sell access to bookmaking partners.
A bill is currently being written and will require a sponsor before it can get into the legislature.
This could happen in the next week when the Texas legislature begins.
A long way to go for TX sports betting
Texas is historically one of the most unlikely states to legalize sports betting because of its conservative roots. Changes in state gambling laws also require a Constitutional amendment.
However, like many others, the state has a budget deficit Coronavirus Pandemic. And the support of influential figures like Jones, Fertitta and Cuban could be a determining factor.
All three team owners have some gambling ties. Fertitta owns Golden nuggetwhile Jones was involved DraftKings As of May of this year.
Cuban is now an investor in the esports betting platform Unikrn. The Mavericks owner also famously said the lifting of PASPA doubled the value of sports franchises overnight.
The proposals call for online betting, but could also see betting kiosks in Texan stadiums.
Opposition on the horizon
Texas is a big city. The state is the second largest in the US by population and the 13th richest by GDP per capita. In other words, it’s as rich as Illinois but more than twice the size.
Illinois is already the fOur largest US betting marketeven though they only went live last year.
But since Texas is Texas, there is no shortage of potential opposition to the plans, including colleges and schools Oklahoma Tribes that are currently attracting players from across the border.
The matter is further complicated by the possible legalization of gambling in the state. Casino mogul Sheldon Adelson consumed $ 4.5 million to help before his death republican Take control of the Texas House in 2020.
His Las Vegas Sands company reportedly has its eye on resort casinos in Texas and could also try to get involved in sports betting.
As Pascrell points out, there are many roadblocks in place before Texas sports betting becomes a reality. However, the fact that there is an opportunity shows how far the industry has come.
Would sports leagues be on board?
The idea of a sports team as a licensee, which might have been unthinkable two years ago, isn’t that far-fetched.
For example, Virginia’s most recent Sports Betting Act provides a license to Washington soccer team or another professional franchise, should relocate it to the state.
Leagues in the past have advocated legally enforceable ways to make money from sports betting, usually over Integrity fees. This suggests that teams may be allowed to be licensees.