Texas is one of the few states in the US that has yet to legalize sports wagering. This is a huge, missed opportunity, as Texas could be generating millions (or even billions) of dollars in tax revenue each year. We all know Texans are sports mad and surely having the option to bet in state would be a huge benefit to customers, companies and the state.
In this blog post, we will discuss why Texas needs to legalize sports wagering, and how it would benefit the state financially.
State of online gambling and sportsbooks in the US
At the moment, there are a number of states that have already decided to take advantage of the 2018 ruling by the Supreme Court following the case that New Jersey brought to it regarding sports betting and online gambling. Basically, the Garden State managed to win its argument which led to the Supreme Court deciding to end the federal ban that had been in place and allowing states to set their own regulations.
This has made it very safe for Americans to now bet online as punters are afforded a number of protections. For instance, they are protected against unfair gambling, while they are also given several payment methods to choose from. There are some sports betting sites accepting PayPal now, while there are others that allow people to wager with Visa or even MasterCard, thus giving players complete financial protection.
Texas, though, is one state that has decided to resist making the change, when perhaps it ought to look to implement its own regulations and laws regarding online sports betting.
Why Texas needs to legalize sports wagering
When you look at states like New York, the simple fact is that Texas is missing out on a lot of revenue by not having legalized sports wagering. It is estimated that millions – if not billions – of dollars are already being missed out on. This money could be used to improve schools, build new infrastructure, or even help fund social programs.
When you think about the state by population size, then you can immediately imagine just how much potential tax revenue is being lost. The Lone Star State boasted more than 29.1 million residents in 2020, making it second to California (another state yet to legalize sports betting).
We have seen smaller states with far fewer people residing within the location enjoy huge amounts of success, while we have seen places like Pennsylvania be able to recently achieve revenues that have been far too great to miss out on. According to recent reports, the Keystone State managed to generate a total of $5.04 billion in the previous fiscal year from legal wagering activities.
In addition, there are several people who are already betting on sports illegally in Texas. By legalizing and regulating sports betting, the state would be able to better monitor and control this activity. This would create a safer environment for bettors, as well as generate more tax revenue.
Will we see Texas ever look to legalize online sports betting?
As we all know, gambling and sports betting can be a rather divisive topic and one that can be a little too hot to have, especially when it comes down to Texas and the rich religious culture that can be found in this location.
Therefore, it has been rather difficult to see any progress be made regarding the possibility of making sports betting legal. In fact, it does not appear as though we are going to see too many changes in the near future, either, as there have been a number of efforts to have been actively opposed by groups who do not want to see it introduced within the area.
Of course, lawmakers have a tough decision on their hands as they would need to weigh up the pros and cons and work out the cost of whatever decision is made would be to the state. It could bring in a lot of money, but it could also alienate several residents simultaneously.
While it is important to say “never say never”, it does appear as though we could still be some time away from seeing a legalized gambling market appear within the state of Texas. However, attitudes can change and unforeseen events may play a role in the future, too.