Texas Eyeing 2021 for Possible Sports Betting Legalization
The American sports betting market will experience massive growth in 2021. The COVID-19 pandemic derailed sports betting in the late spring of 2020, but a summer and fall surge took sports betting figures to new heights.
Countless states have seen this success and began the process of legalizing this form of gambling. The future of legal sports betting in Texas is very positive. Texas has the potential to be the largest sports betting economy in America upon legalization.
Texas is the home of 12 major professional sports franchises. Franchises like the Dallas Cowboys have made it known that they want legal sports betting brought to Texas.
In addition to this, the state’s population is approximately 30 million. California, Florida, and Texas are the three largest states remaining that haven’t legalized sports betting.
Why is 2021 Texas’ Year?
Texas, like every state throughout the country, was impacted by the COVID-19 pandemic. Part of Texas’ economy is based on hospitality, and that sector was devastated by the virus. State legislators in Texas that favor sports betting support this form of gambling because of its impact on the job market.
Numerous sportsbooks would be created in the state if Texas legalizes sports betting. This would create jobs during the construction phase as well as when retail sportsbooks open.
Sports betting would help decrease the state’s unemployment rate. As this form of gambling’s popularity increased, more employment would be required to sustain the industry.
Impact Of COVID-19
COVID-19 required the state to spend a significant amount of cash in an attempt to minimize the damage that was inflicted by the virus. The financial struggles have been heavily felt in the Texas legislature.
Sports betting would be a guaranteed way to increase the state’s tax revenue. This argument has worked in other state legislatures in an attempt to pass sports betting legislation. Arkansas and Oklahoma are also going to put pressure on the Texas government to legalize sports betting.
Arkansas offers legal sports betting options to people within state borders, and Oklahoma is currently in negotiations with the state’s tribal casinos to implement the form of gambling. If Texas doesn’t want to lose money to these border states, it must act swiftly.
What’s the First Step to Sports Betting?
Texas, which has conservative roots, doesn’t have any significant gambling history. Currently, there are no commercial casinos in Texas. The first step to sports betting will be bringing commercial casinos to the Lone Star State.
Unfortunately, one of the biggest proponents of bringing casinos to Texas, Sheldon Adelson, passed away this week. Adelson was a big name in the Las Vegas casino industry and knew how profitable this business could be in Texas.
Adelson made it clear that he planned to bring casinos to Texas once the legislature legalized commercial gambling. That would have opened the door for sports betting in the state of Texas.
Texas is a vast state, so mobile gambling is necessary, but commercial casinos will create spaces for landlocked sportsbooks.
With Adelson’s passing, a big question is now who will step up and push for casino gambling and sports betting in the state?