Opinion: Texas Should Legalize Sports Betting

Opinion: Texas Should Legalize Sports Betting

A new report published by the Consumer Choice Center evaluates all 50 states on how consumer friendly their sports betting markets are. Unfortunately, with sports betting still illegal in Texas, Texas ranks dead last in the index. Texas, and the 14 other states who have maintained their ban on sports betting are in large part why the illegal betting market in the US is still thriving. It is estimated that the illegal sports betting market generated $50-$200 billion in revenue in 2020.

The Consumer Choice Center’s North American Affairs Manager, and co-author of the report, David Clement explained stating, “The key to stamping out the illegal sports betting market is legalizing sports betting, and having an open and competitive market where legal sportsbooks compete for consumers. Not only does this help grow the legal market, it actively discourages consumers from placing bets in the illegal market which is ripe for fraud and abuse”

“Texas should immediately legalize sports betting, and do so in a way that opens the market and encourages competition. Since the overturning of the Professional and Amateur Sports Protection Act in 2018, 30 states have sought to legalize sports betting, but not all states have created an open and competitive market. States should follow New Jersey’s lead, and reap the benefits. Through low taxation and healthy competition, the legal sports betting market has exploded in the Garden State. ” said Clement

“New Jersey has generated $229,109,885 in state tax revenue and $1,815,719,871 in sportsbook revenue since the legal market was launched. The reasons for New Jersey’s success are simple: they keep taxes low on sportsbooks, mobile sports betting has become a priority, and while there is government oversight, most of the industry is run by commercial sportsbooks. This could be easily replicated in Texas,” said Clement

To read the full report, click here.