Sports betting will be legalized in Texas in 2023, according to the Texas Sports Betting Alliance. Voters are likely to pass a bill in the Senate and House to finally approve legislature allowing Texans to bet on sports stated Cara Gustafson – the spokesperson for the alliance.
Who Are The Texas Sports Betting Alliance?
The Texas Sports Betting Alliance is a combination of sports leagues and teams, bookies, and betting platforms. Established in 2021, the group came together to push for the legalization of sports betting in Texas. Consisting of the likes of Barstools Sports, DraftKings, PGA Tour, Houston Texans, FC Dallas, and many more organizations that hope to break the deadlock for Texas sports betting finally.
Texas Online Sports Betting Bill Put Forward
Early in 2023, Senator Lois Kolkhorst put forward SB 715 and SJR 39, and Rep. Jeff Leach introduced HB 1942 AND HJR 102 to legalize online sports betting in the Lone Star state. It’s hoped the bills will legalize sports betting through professional sports franchises.
November 2023 will be the date when the amendment to the Texas constitution will be put forward in a general election for state voters to decide. Texas lawmakers have to make the decision to allow the proposal to go through for a vote beforehand, but it’s expected to be passed.
Sports betting bills have been introduced in the past to no avail. Supporters are confident that 2023 will be the year sports betting will be a reality for Texans to enjoy.
Proponents of the bill are highlighting the benefits of allowing sports betting in the state. Annually, sports betting in Texas could generate a minimum of $250 million in tax revenue. Supporters are also pointing out how nearby states like Louisiana are boosting their economies with job creation and tax revenue.
35 other states currently allow sports bettings, so many Texans are eager to catch up. Illegal sportsbooks are already operating across the state, with many residents using offshore sportsbooks or betting in other states to avoid the strict gambling laws in Texas.
The bills put forward will allow Texas professional sports teams to apply for a betting license. If they are given the license, they can partner with one of the top betting operators like DraftKings Sportsbook or similar.
All of the major sports franchises like the NBA, NFL, WBNA, MLB, and many others will be able to apply for a sports betting license. Wagering on horse racing in Texas will be a lot easier as established horse racing tracks will be eligible for the sports betting license.
Much to the delight of many Texans who love to bet on golf, popular tournaments will also be eligible for a license. College sports are bet on across the country, particularly football throughout the season. Texas bettors will be pleased to know that betting on college football in TX will be possible.
$500k is the price a sports betting franchise will have to pay for a license. Authorities are confident that only allowing licensed sports betting companies will combat illegal betting in the state. A tax rate of 10% of the adjusted gross for online sports betting will be set if the new bill put forward is granted.
