The gambling industry in the Lone Star State is strictly regulated, with only a few legal gambling opportunities among its 30 million population. However, a group of billionaires hopes to change this situation through potential casino investment proposals.
Currently, Texas residents can enjoy state-run lotteries, dog and horse racing pools, raffles, and bingo games. Additionally, there are three Native American casinos available for an in-person gambling experience.
Consumers in Texas must also consider offshore facilities when looking for online casinos, as online gambling is prohibited within the state's jurisdiction.
However, all this could change as 'Shark Tank' star Mark Cuban, along with fellow billionaires Miriam Adelson and Tilman Fertitta, hope to see regulatory changes that could expand the gambling industry.
Past attempts to relax national regulations have failed, with bills allowing online betting and sports betting not receiving enough support.
The ability of these three billionaires to fund campaigns could greatly influence changes in state law. Due to their connections with local sports franchises, these individuals also wield significant influence in the state.
Cuban is the principal owner of the NBA's Dallas Mavericks, Adelson is a major shareholder of the Dallas Mavericks, and Fertitta is the owner of the NBA's Houston Rockets.
Clearly, relaxing the state's gambling regulations would benefit their personal interests, but it would also benefit the state and its residents.
They propose allowing more extensive casino competition, aiming to explore the potential economic benefits and job opportunities the state could gain through taxes and licensing.
Other benefits include boosting tourism and improving existing resorts frequently visited by leisure and business travelers.
Apart from the financial power of these three billionaires, changes in gambling regulations also seem to have the support of the people of Texas. A survey shows that 75% of people support allowing casino resort projects in the state.
Considering the approximately $5 billion annually that Texans spend on gambling facilities across state lines, the economic benefits are evident. Offshore and cryptocurrency gambling sites also attract millions of dollars from consumers wanting to bet online.
Further research is needed to ensure the feasibility of the plan, but data provided by a consultant suggests that if the proposal to establish seven casino resorts is successful, the revenue could reach $7.7 billion and create 48,000 jobs.
The success of other states' gambling industries, the financial support of influential sports franchise owners, and public support all back regulatory reform. However, this will not happen overnight, and Texans must be patient as any proposal must undergo due diligence before approval.
Any amendments to current regulations must wait until 2025, after the last attempt to implement sports betting in the state failed, and the legislative body reconvenes.
