- Due to its size alone, projections show that Texas could be the second-largest sports betting market in the nation if the state were to approve the industry.
- Millions, likely even billions of dollars could be made by the industry annually if lawmakers of the Lone Star State regulated the market.
- Owners of professional sports teams based in Texas, like Mark Cuban, are in favor of opening up sportsbooks in the state.
DALLAS – If there is one thing that Mark Cuban knows about, it’s a good business venture when he sees one. And gambling in all of its forms, including sports betting, happens to be one of those things. Cuban is the owner of the Dallas Mavericks, the NBA team that he purchased in 2000 for $280 million.
Over twenty years later and his organization is now worth over $2.45 billion. There is no denying that this man has an eye for what is profitable and gambling on sporting events is an industry he is in favor of, due to its proven ability to bring in massive profits, as many of the businesses he backs typically do.
Unfortunately for Texas, home to a number of professional sports teams like the Mavericks, has no regulated sports betting industry in the state. Even more unfortunate is the fact that these teams have enormous fanbases, all of whom wager on the games with the use of outsider outlets like that of mobile sportsbooks based elsewhere.
In doing so, there is no financial gain for the state or the teams themselves. Millions of dollars in revenue and other profits will continue to go unrealized until lawmakers decide to regulate a gaming market in the Lone Star State. However, Cuban knows the tremendous potential a sports wagering industry could bring to Texas.
“I am for legalizing all betting,” said Cuban to LegalSportsBetting on Wednesday, when asked where he stood on sports gaming regulations for TX.
Team Owners Want A Gaming Industry
When it comes to wagering on sports in particular, the market continues to grow by the second in popularity, as it sweeps the nation. In July, Jerry Jones, the owner of the Dallas Cowboys, went public as an advocate for the industry. While Cuban sees it as a market that could essentially double the worth of professional teams everywhere almost as soon as the ink dries on the law and partnership deals, Jones has said it is a pastime being done by Texans every day, so why has it not yet become an open industry in the state?
Jones has been a stakeholder with DraftKings since 2018 but has not yet been able to incorporate his NFL team world with his sports betting investments. On that same page, Cuban has invested in the European-based sports data platform Sportradar. The company has been a provider of sports gambling statistics to operators worldwide. Both men are owners of Texas professional sports teams and both have some kind of stake in sports gaming. After all, the growth potential of sports wagering operations is far too great to pass up the financial opportunity that investing in it provides. Projections have shown that Texas could see $36 billion in annual wagers with a seasoned market, based on the number of fans gambling on sports in the state already. That figure brings a ridiculous amount of revenue with it.
What Lies Ahead For Sports Betting In Texas
The Texas Legislature meets in odd-numbered years and 2021 saw a number of legislative measures pertaining to gaming in the state, from retail sportsbooks and casinos to mobile gambling platforms. None of these bills came to fruition. With team owners like Cuban and Jones in favor of sports betting in Texas, lawmakers might be able to be swayed by the words of two sports-minded billionaires.
Additionally, more than half of the United States has regulated sports betting and that trend looks to continue. Gambling by diehard fans is already happening in the Lone Star State and making it a regulated industry would only allow for a very lucrative new revenue stream to enter the game and help the economy on a statewide level. Wagering on sports could be the modern-day oil strike for Texas, as it’s currently an untapped market. Jerry Jones has revealed what everyone already knew by saying Texans bet on sports daily, in the yearly billion-dollar range, in fact.
Mark Cuban came to Texas after college with $60 to his name and he now holds a net worth of $4.5 billion. It’s a safe bet to say Jones knows what he’s talking about on the action side by fans while Cuban has the financial eye for how profitable this industry could be. Government officials should take both angles into consideration during the next legislative session in 2023. Until then, Texans will continue to go to neighboring states or use online sportsbooks not affiliated with the area to wager on games.
If Texas had passed a sports betting bill in 2021, the Mavericks’ worth could have skyrocketed with a variety of deals and a wider range of fans taking an interest in the game. The NBA season is about to begin and NBA betting has already begun to pour in by fans. Given the ability to wager on these games brings plenty of monetary opportunities with it. While 2021 wasn’t the year for the Lone Star State, 2023 may just see the regulated sports betting slip that Texans, Jerry Jones, and Mark Cuban have all been waiting for.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.