New study outlines potential benefits of legalized Texas sports betting
Currently, sports wagering is illegal in the Lone Star State.
Key Points
- The research said that a legal market could boost revenue and create more jobs
- Sports betting is legal in 38 states, plus DC
A recent study conducted by independent research firm Eilers & Krejcik has revealed that a legal sports betting market in Texas could be advantageous for the Lone Star State.
The firm’s findings estimate that Texas sports betting could bring another 8,000 jobs to the state and generate more than $360m in direct tax revenue.
To date, the District of Columbia and 38 states have said yes to sports betting.
The report went on to estimate that the annual economic output from sports betting could reach $2.6bn, with annual non-gaming tax revenues adding another $24.3m.
Texas Rangers co-owner Neil Leibman spoke with FOX Business and expressed his support for bringing a legal market to the state.
He commented, 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 further pointed out that there is a current sports betting demand in Texas.
He said in closing, “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.”
In related news, voters in the state of Missouri recently said yes to legal sports wagering during the recent election. This brings the state one step closer to launching a regulated market.
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