Sports Betting in TexasDecember 1, 2022
Currently, Texas is still under federal law regarding sports betting, but it is in the process of legalizing sports betting as well as horse racing. This is because the legislature of Texas has been working on passing a bill which would allow legalized sports betting to happen in the state. If passed, sports betting would be legalized in Texas, and would allow people to place bets in any Texas establishment.
Legalization of sports betting in Texas
Historically, Texas has been opposed to gambling. However, Governor Greg Abbott has shown that he is warming up to the idea of legalizing sports betting.
Legalizing sports betting in Texas would bring in $250 million in direct tax revenue, which could be used to lower property taxes or fund other vital state programs. It would also create 9,000 jobs. It would be up to voters to approve the bill.
A recent University of Texas – Tyler poll showed that 43% of Texans support sports betting. However, the University also found that 26% were opposed. Interestingly, the same poll showed that more than half of Texans supported casino gambling in Texas.
Legislators have introduced bills in recent years to legalize sports betting in Texas, but none have made it past the committee stage. This is not surprising considering the Lone Star state’s conservative values.
Legal sports betting is not likely to become a reality in Texas until at least 2023. The bill must be approved by 66% of the state’s voters in November 2023.
The Texas Sports Betting Alliance is a group of sports fans, professional sports teams and betting platforms, and their goal is to promote the legalization of sports betting. They also work to educate legislators about the benefits of sports betting.
Legalization of horse racing in Texas
Texans may have a long road ahead of them when it comes to legalizing horse racing betting. The Lone Star State has been a staunchly conservative state for decades. While voters are generally not anti-gambling, a majority of white evangelicals are against it. Texas has one of the country’s most ardent anti-gambling laws.
Despite the state’s conservative attitudes, a recent poll conducted by the University of Texas – Tyler revealed that 43% of Texans support legal sports betting. That number may change in November’s elections. In addition, Governor Greg Abbot is reportedly warming up to the idea.
According to the American Sports Betting Coalition, legal sports betting could inject billions of dollars into the state’s economy. It also could create 9,000 jobs. In addition, it could raise revenue for special education funding.
The Texas Legislature is currently working on a bill that would introduce legal sports betting. The bill would require a referendum to amend the state’s constitution. The vote would take place during the 2023 legislative session. The bill would also impose a 10% tax on gross gaming revenue. It would also require future operators to partner with Texas pro teams.
A bill was introduced in February. It would require a $50,000 retail operating license. Each license would allow two online betting site skins. It would also allow Texas residents to wager on horse races at three racetracks.
Legalization of organized sports betting in Texas
Despite being a major market for sports betting, Texas is one of only a few states that have not yet legalized sports betting. The state’s legislature has considered several bills, but none have yet reached the Senate.
There are several factors that could change the situation in Texas. However, the best indicator is likely the outcome of the 2022 midterm elections. During the midterms, voters will decide whether to legalize sports betting in the state.
Sports betting interest groups have made some headway in the state. A recent University of Texas-Tyler poll found that 43% of Texans favor sports betting. However, 26% of Texans were outright opposed.
While sports betting interest groups have gained ground, there are still many political hurdles to overcome. Texas lawmakers are conservative and have historically opposed gambling.
Sports betting would likely be restricted to adults 21 and older. There are also concerns about safety and the security of information.
Legalized sports betting would likely generate $250 million in direct tax revenue for the state. This would help finance other state programs, including education. The revenue would also help lower property taxes.
However, sports betting would also require a constitutional amendment. Sports betting interest groups are attempting to capitalize on this lucrative market.