Texas does not currently allow sports betting with all forms of gambling prohibited; except the state based lottery and horse and dog racing. This, however looks set to change with intentions to legalize it in accordance with a newly proposed law.
Below you will find everything that you need to know about sports betting in Texas. From the current situation to when the permissions will come into effect.
According to estimates, legalizing sports betting could generate billions of dollars in tax revenue, and could make Texas the USs second-largest sports betting state.
Current status of sports betting in Texas
Even without online and mobile betting, Texans are expected to bet $9 billion on sports each year. A 6.25% tax on those sales would generate over $500 million.
The drive to access that potential cash is colliding with a primarily conservative, anti-gambling establishment, creating an interesting dynamic if this law is passed.
There is only one tribal casino in the entire state of Texas, who are only permitted to provide slots rather than casino table games.
Texas Gambling regulations are very strict, and bookmaking is considerd a Class A misdemeanor.
Despite the fact that sports betting is banned in Texas, the Dallas Cowboys have agreed to a sponsorship arrangement with WinStar World Casino. This agreement makes The Cowboys the first NFL team to partner with this establishment, that is also nowadays an online casino.
This bill will have to overcome more than just the general anti-gambling sentiment. Even if the state chose to legalize sports gambling, as shown below, it would still need to modify its constitution to allow for sports betting.
Proposed changes to sports betting in Texas
The senator for texas on February 6, 2023, introduced a bill in the Texas legislature that has the support of the state’s major sports teams. If approved, the bill proposes a constitutional amendment that would necessitate a state-wide vote in November 2023.
Pertaining to sports wagering regulation; establishing occupational permits; permitting fees; imposing a tax; decriminalizing wagering on specific sporting events; creating criminal offenses; imposing administrative penalties.
While the related bills seek to allow Texas residents to legally make bets online before and during sporting events, House Bill 1942 and Senate Bill 715 state that “membership in a lawful and licensed sports wagering business is a privilege, not a right.”
Timeline for sports betting in Texas
If the amendment receives the required two-thirds vote in legislature and approval from state voters in November 2023; Texas sports betting will be legalized.
At this time, it is unknown when or if online sports betting will be available in Texas. If legalized, it would most likely be part of a larger sports betting legislative expansion in the state, with the earliest possible date being the spring of 2023 during the Texas legislative session.
Before Texas online sportsbooks are given the all-clear, novice gamblers should become versed in the lingo used in sports betting. You can prepare for the possibility of Texas online sportsbooks by reading this glossary of sports betting words provided by our partners at SportsLine.
Sports Betting terms
This is another name for a wager or a bet.
A bad beat is a bet where a winner looks set to win but doesnt.
This is the figure that represents what a sportsbook predicts will occur with a specific wager. The favorite team or player in a single-player sport, such as tennis, will have a negative betting line on a straightforward moneyline wager.
This is where a player does their researches players and sport events to predict outcomes and gain a favourable position.
The handle is the sum of money risked in betting.
This is a wager on whether a particular game statistic will be higher or lower than a set value. A total bet is another name for this kind of wager.
When a player places a minimum of two bets or more numerous bets these bets are combined into a single wager. The entire parlay loses if even one of the bets in it is unsuccessful. Yet, the bettor receives a larger reward if every wager wins.
When the favorite team wins by more than the point spread, bettors win their wager.
A bet on a game that is not directly related to the game’s outcome. There are props that have to do with the overall performance of the game as well as the performance of the teams involved. Many of the most popular props are based on the achievements of individual players.
A sportsbook, also known as a bookmaker or bookie, is a business or individual who accepts bets from individual sports bettors.
Sportsbooks take wagers on both sides of a sporting event. They can do this because of the difference between what a bettor has to wager and what a bettor wins.