Professional sports teams in the Lone Star State have been in a spiral dive for a while. And hope for regulated Texas sports betting does not look much better for the immediate future.
Despite all the hope and rhetoric, several things would need to happen before any sports wagering legislation would pass. First, the state would have to amend its constitution to allow for the betting on sporting events. At this point, there doesn’t seem to be enough political support to make that happen.
Second, there are competing interests between sports teams and casinos… not to mention opposition from religious groups. Any attempt to legalize Texas sports betting will meet with a tough battle. Still, two separate bills to regulate the activity were filed this year.
Supporters of legalized betting on sports say that the industry could bring in as much as $150 million a year. And while that may sound like a lot, it’s just a drop in the bucket in a state as big as Texas.
Perhaps the Lieutenant Governor, Dan Patrick, gave the most concise and realistic statement on the matter when he said, “People were fooled many years ago when they were told the lottery will pay for education. Well, the lottery pays for a couple of days of education. Our budget is $125 billion. So if you want to pitch sports betting or casinos, talk about jobs, talk about tourism. Don’t talk about money…”
You can read more about the possibility of Texas sports betting at the Legal Sports Report.