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Data Shows Texas Could Be #1 Sports Betting State If Legalized

January 11, 2023 4


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Data Shows Texas Could Be #1 Sports Betting State If Legalized

A new report has just come out showing that legalized sports betting in Texas could look to generate bets placed of over $30 billion, making them the highest-grossing market in the country, passing New York though tax revenue likely won’t top the Empire State. A rough estimate from the data shows that the retail betting handle would accommodate for $3 to $5 billion while the online handle would take the brunt with $17 to $24 billion. The data takes into account the former sports betting legislation in Texas for a 10% tax rate on retail and online betting but Texas has been openly tax-averse so it would look more like 25%. Another model shows estimated revenue of $204 to $466 million for retail and $1.2 to $1.9 billion for online. There has been a great effort by lobbyists to show legislators the benefit in expanding legal gambling for Texas so we should look to see new bills pop up in 2023.

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