Texas losing out as residents are betting Elsewhere
The state of Texas is currently losing out on potential tax revenue as Texans are estimated to be betting billions of dollars illegally and in neighboring states, according to industry experts and academic estimates. However, lawmakers are considering bills that could lead to the legalization of mobile sports betting and resort-style casinos, with a proposed tax rate of 10%. Despite some lobbying efforts from casino and resort developer Las Vegas Sands Corp., Texas leaders have shown little interest in legalizing more gambling. Even if bills do pass, a statewide referendum in November would be required due to constitutional restrictions on gambling. However, a poll from the University of Houston’s Hobby School of Public Affairs found that 75% of Texans support legalizing more gambling. Las Vegas Sands Corp. is currently conducting a study on the potential revenue Texas casinos could generate.