Legalizing sports betting in Texas would pay huge dividends, study says

Posted by Admin November 19, 2024 Sports

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Texas remains one of 11 states where sports betting is illegal, and a new study showed government officials may want to get with the times.

Eilers & Krejcik, an independent research firm, conducted a new study showing sports betting would pay off for the state of Texas, FOX Business has learned.

The study, “Legal Online Sports Betting In Texas: Revenue Forecast And Economic Impact Analysis,” estimates the market could generate over $360 million in direct tax revenue for the state, while adding over 8,000 jobs.

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The Barstool Sportsbook at Ameristar Black Hawk in Black Hawk, Colo., on April 30, 2021. (Hyoung Chang/The Denver Post / Getty Images)

The report estimated Texas would benefit from over $2.6 billion annually in economic output, adding non-gaming tax revenues generated from legal sports betting are expected to total $24.3 million per year.

Texas Rangers co-owner Neil Leibman is all for bringing legalized sports betting to the state.

“Texas has always led the way in growth and opportunity, but we’re falling behind when it comes to sports betting. Legalizing it would allow us to keep billions in revenue here at home, supporting crucial needs like education and lowering property taxes — all without raising other taxes,” Leibman said in a statement.

“Texans are already betting; it’s time we make it safe and fair, while ensuring our state benefits. Letting Texans decide this issue is about economic opportunity and the freedom to choose.”

Gamblers flow into Caesars Sports Book at Caesars Palace Hotel & Casino to watch and bet on the Kansas City Chiefs-Philadelphia Eagles Super Bowl Feb. 12, 2023, in Las Vegas. (George Rose/Getty Images / Getty Images)

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Dallas Cowboys Executive Vice President Charlotte Jones, the daughter of Cowboys owner Jerry Jones, added, “Texans deserve a safe and fair sports betting environment that helps fund critical needs in our state.

“By legalizing sports betting, we can protect our communities, enhance the fan experience and ensure Texas isn’t losing out to other states or the black market. As a mom and sports fan, I believe it’s time to let Texans decide how we move forward, ensuring our state benefits in a meaningful way.”

Over the weekend, the state of Texas hosted the Jake Paul-Mike Tyson fight, which became the most streamed sporting event ever and the most wagered fight sportsbooks had ever seen.