The Lone Star State’s gambling industry is heavily regulated with just a handful of legal betting opportunities for the 30 million population. However, a group of billionaires are hopeful of turning that around with potential proposals for casino investment.
At present, Texans can enjoy the state-run lottery, parimutuel betting on greyhounds and horses, raffles, and bingo. There are also three Native American casinos available for in-person betting experiences.
Consumers also have to consider offshore facilities when looking for online casinos in Texas, with online betting operations prohibited from running within the state’s jurisdiction.
However, this could all be about to change with the interest of Shark Tank star Mark Cuban, alongside fellow billionaires Miriam Adelson and Tilman Fertitta want to see regulatory changes that could expand the gambling industry.
Previous attempts to loosen the regulatory stranglehold on the state have failed, with bills to allow online betting and sports betting failing to have sufficient support.
The ability of the three billionaires to fund a campaign could go a long way to altering laws in the state. The three are also hugely influential in the state thanks to their association with local sports franchises.
Cuban is the principal owner of the NBA team the Dallas Mavericks, Edelson is the majority owner of the Dallas Mavericks, and Fertitta is the owner of the NBA’s Houston Rockets.
It is clear that the loosening of betting regulations in the state would benefit their personal interests, but there would also be benefits for the state and its inhabitants.
Their pitch to allow bigger casino competition explores the potential economic benefits the state would receive through taxation and licensing, as well as the increase in jobs.
Other benefits would include an uplift in tourism and improvements to existing resort destinations that are frequented by visitors for leisure and business purposes.
As well as the financial clout of the three billionaires, it appears that changes in betting regulations also have the support of the Texan people. One poll saw 75% support in favor of casino resort projects being allowed in the state.
The financial benefits are evident when considering around $5 billion is lost to neighboring states every year as Texans cross borders to enjoy gambling facilities. Offshore and crypto gambling sites also see millions of dollars spent by consumers who want online betting options.
Further research will have to be conducted to ensure the plans are feasible, but data provided by one consultant has projected revenue of $7.7 billion and the creation of 48,000 jobs if proposals to create seven casino resorts were successful.
The success of gambling industries in other states, financial backing from influential sports franchise owners, and public backing all support regulatory changes. However, this won’t happen overnight and Texans will have to be patient as due diligence is carried out before any proposals are approved.
Any changes to current regulations will have to wait until 2025 when the Legislature reconvene after the ast failed attempt to push through sports betting in the state.
