After the owners of major professional sports teams in Texas backed the effort to legalize sports betting in the Lone Star State, it became much more likely that a regulated sports betting market could be set up in Texas sooner rather than later.

Despite its conservative stance on gambling, Texas is home to arguably the most passionate fanbase in all of the United States. The state is represented by 12 professional sports teams playing across five major North American sports leagues.

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The Dallas Cowboys earn the monicker “America’s Team” not only because of their unparalleled success in the 90s but also because the team commands a passionate fandom in and out of Texas.

When it comes to basketball and baseball, Texas also waves its banners loud and proud, with the San Antonio Spurs and the Houston Astros making their marks in their respective sports leagues. The Spurs have racked up five championships, and at one point served as the benchmark for consistency in the NBA. The Astros, meanwhile, have recently captured their second World Series title in six years.

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The owners of these two sports franchises have emerged as major supporters of companion bills SB 715 and HB 1942 introduced by Sen. Lois Kolkhorst and Rep. Jeff Leach, respectively. The pieces of legislation intended to start legalizing and regulating mobile sports betting through professional sports organizations and racetracks in Texas.

What Texas Owners Say About Sports Betting in Texas?

Peter J. Hold, the owner of the San Antonio Spurs, said that Texas has the best fans in the country, and legal sports betting is an exciting new avenue for Texans to interact with their favorite teams. He also gave his vote of confidence to Sen. Kolkhorst’s bill, which he believes will give Texans the same option that sports fans around the country presently have: the ability to use mobile sports betting responsibly.

Houston Astros’ owner Jim Crane also thinks sports betting will take place whether it is regulated or not. He added that rather than Texans betting illegally through unknown firms in foreign nations, this bill will enable sports betting controls and safeguards in Texas while producing significant cash that will be utilized to cut everyone’s property taxes in Texas.

Sports Betting Bill in Details

Except for the abolition of retail sports betting, the measure is substantially identical to the sports betting law filed in Texas in 2021. This measure is only concerned with mobile sports betting in Texas.

Here are the important provisions you need to know about the Texas online sports betting bill:

The Texas Lottery Commission oversees the game.

Online sports betting platforms pay $500,000 for a three-year mobile sports betting license, which is renewable for an additional $100,000 at a 10% tax rate.

In-game betting must be done using official league statistics.

Betting on collegiate sports, esports, and amateur sporting events like the Olympics is permitted, but not on youth sports.

From gross wagering income, operators can deduct promotional credits and the federal excise tax.

Single-game wagers, teaser wagers, parlays, over-under, money lines, pools, exchange betting, in-game wagering, in-play wagers, proposition wagers, and straight wagers are all types of sports bets.

A grant fund for problem gambling and addiction receives 2% of all taxes collected.

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