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October 30, 2020, GMT+0000, 15:53 pm
News Regulation

Texas Paves the Way for Sports Betting Legalization

Several days ago, Texas passed a bill in favor of sports betting legalization for apps. Rep. Eddie Lucio III is responsible for filing the H 1275 bill that will allow sports betting operators to function in the state. This law will specifically enable both physical and online casinos to conduct business through various mobile apps. 

However, before any of this happens, a referendum and a popular vote are needed to approve the bill. It will be passed in November if all the votes come in. If everything goes as planned, sports betting would be legalized in Texas on January 1st, 2020. 

Government Overseeing the Process 

A House Joint Resolution 61 was introduced that will amend the constitution so that the government can regulate bookmakers to accept sports betting wagers. The House and Senate need to come together and give at least two-thirds of the vote before this bill even gets on the ballot for this year. As of now, New Mexico is the only state in the Southwest that offers full-scale legal sports betting. New Mexico brings home $157 million in revenue every year from their legal sports betting operations. 

There are only five permits available for operators to use under two brands. They will need to pay $250,000 just for the license. After the entity obtains the permits, they are legally allowed to accept sports bets. The permit requires 6.25% tax collected on all amounts wagered. 

One thing that bookies can agree on is that people in Texas love going to sports games. Many suspected that a bill like this would get introduced sooner or later. 

What’s Next? 

According to Eilers & Krejcik Gaming, Texas will become the second-largest market in the sportsbook industry. If the laws get passed according to plan, then Texans can place legal wagers on both professional events and collegiate sports games. 

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