Handicap and parlay bets on the Cowboys, Aggies, Longhorns and Mavericks could become significantly more expensive for sportsbooks and the state government if Texas legalizes gambling, according to a new study.
A recent report from gaming research firm Eilers & Krejcik, “Legal Online Sports Betting in Texas: Revenue Projections and Economic Impact Analysis,” found that Texas generates more than $360 million in annual tax revenue and supports more than 8,000 He points out that it has the potential to create jobs.
According to the study, this could include $32.1 billion in overall transaction volume once the market matures, a 43% increase over the company’s original five-year revenue forecast in its 2023 report. He says he will.
“This increase is due to very strong growth in the underlying comparable market data that we used to power our models, including the Ohio It also includes data from newer, more populous markets like the state and Maryland,” the report states.
win a lot of money by gambling
Beyond handling, the study shows that adding sportsbooks and mobile betting in the state could generate $3.7 billion in total gaming revenue.
Ailers & Krejcik utilized a 15% tax rate in their research projections. The study’s authors also believe there is already a large underground gambling market that could reach $7 billion, and converting it into a legal market could be a boon to the public purse. are.
Like sports betting, casinos are officially illegal in the state. However, Mark Cuban recently sold a majority stake in the Dallas Mavericks to gaming company Las Vegas Sands, which is pushing to legalize casinos in the state.
Currently, 41 states in the country offer legalized gambling, including Washington, D.C., and the U.S. territory of Puerto Rico. The only states that have not yet legalized sports betting include California, Texas, Alabama, Georgia, South Carolina, Minnesota, Oklahoma, Utah, Idaho, Alaska, and Hawaii.
Missouri became the latest state this month to approve a sports betting initiative backed by professional sports teams like the Kansas City Chiefs and St. Louis Cardinals and Blues.
