Study: Legalized Texas Sports Betting Could Bring BillionsLone Star State Would Be One Of The Biggest Markets In U.S. |
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Some handicapping and parlay wagering on the Cowboys, Aggies, Longhorns, and Mavericks could really add up for sportsbooks and the state government if Texas legalized betting, according to a new study.
A recent report from gaming research firm Eilers & Krejcik titled “Legal Online Sports Betting In Texas: Revenue Forecast And Economic Impact Analysis,” noted that the state could generate more than $360 million in annual tax revenue while adding over 8,000 jobs.
That could include an overall handle of $32.1 billion after the market matures, according to the survey, for a 43% increase over an original five-year revenue projection from the firm’s 2023 report.
“That increase is due to very strong growth in the underlying comparable market data we used to power our model — including data from newer, populous markets like Ohio and Maryland, which are ramping up much faster than older markets,” the report says.
Big Bucks From Betting
Beyond handle, the survey indicates that adding sportsbooks and mobile betting in the state could generate $3.7 billion in gross gaming revenue.
Eilers & Krejcik made use of a 15% tax rate in the survey projections. The authors of the study also believe there is already a sizable underground betting market in place that could be as high as $7 billion and converting that to the legal market could be good for state coffers.
Along with sports betting, casinos are officially illegal in the state. However, Mark Cuban recently sold a majority share of the Dallas Mavericks to the Las Vegas Sands gaming corporation, which has been pushing to legalize casinos in the state.
The country now has 41 states offering legalized betting including Washington D.C. and the U.S. territory of Puerto Rico. The only states yet to legalize sports wagering include California, Texas, Alabama, Georgia, South Carolina, Minnesota, Oklahoma, Utah, Idaho, Alaska, and Hawaii.
Missouri became the latest this month, when voters approved a sports betting initiative that had been backed by pro sports teams like the Kansas City Chiefs and the St. Louis Cardinals and Blues.
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