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Texas remains one of 11 states where sports betting is illegal, and a new study suggests state officials may want to get with the times.
Eilers & Krejcik, an independent research firm, has conducted a new study showing that sports betting will 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 that the market could generate more than $360 million in direct tax revenue for the state, while adding more than 8,000 jobs.
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Barstool Sportsbook at Ameristar Black Hawk in Black Hawk, Colo., on April 30, 2021. (Hyoung Chang/The Denver Post/Getty Images)
The report estimates that Texas will benefit more than $2.6 billion annually in economic output, adding that non-gaming tax revenue generated by legalized sports betting is expected to total $24.3 million annually.
Texas Rangers owner Neil Leibman is for bringing legal sports betting to the state.
“Texas has been leading the way in growth and opportunity, but we are lagging behind when it comes to sports betting. Legalizing it will allow us to keep billions in revenue here at home, supporting important needs like education and lowering property taxes – all without raising other taxes,” Leibman said in a statement.
“Texans are already betting; it’s time to make it safe and fair, while ensuring our national interests. Letting Texans decide this issue is about economic opportunity and free will.”
Gamblers flock to 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. (Photos by George Rose/Getty Images)
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Dallas Cowboys Vice President Charlotte Jones, daughter of Cowboys owner Jerry Jones, added, “Texans deserve a safe and fair sports betting environment that helps support critical needs in our state.
“By legalizing sports betting, we can protect our communities, improve the fan experience and make sure Texas doesn’t lose 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, making sure 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 televised sports event of all time with the most betting fight books ever seen.
Mike Tyson, left, fights Jake Paul at AT&T Stadium in Arlington, Texas, Nov 15, 2024. (Kevin Jairaj/Imagn Images/Reuters)
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Missouri became the latest state to legalize sports gambling on Election Day.
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