The U.S. sports betting industry continued its expansion in 2023 towards the all-time record levels. Some industry experts expect that the U.S. sports betting handle across the 37 states that allow sports betting will reach $100 billion by the end of the year to exceed the 2022 figure of $93.2 billion. As reported by the Associated Press (AP), these levels would grow further if the most populous states allowed the gambling activity.
Legalized Sports Betting Expansion:
Out of the 37 states with legalized sports betting operations, six states reportedly passed the respective legislation or allowed the launch of sports books this year. In addition, Florida relaunched sports betting after the two-year ban and the U.S. Supreme Court’s final ruling to reinstate the operations. The expansion is shadowed by the fact that the nation’s two most populous states — California and Texas – still resist to the trend making the gambling legalization a long time coming deal. After the failure of the 2022 gaming legalization ballot in California, Baird Fogel, an attorney working with the sports betting industry, indicates that the key to legalized gambling is the support of the Native Indian tribes.
California’s Prospects:
Fogel reportedly said:“Remember, the tribes don’t need this. They can wait forever. That’s the trick here, what everybody needs to get their heads around. You’ve got to proactively come to them with an idea of how to get their support because without their support, this is going nowhere.” A testimony to these words reportedly comes from Connecticut and New Jersey, as these states made agreements with the tribal casinos.
As AP reports, Fogel said that California could make a similar deal:”It’s got to happen. The tax revenue alone is insane. Any casino is already generating nearly $9 billion a year in California alone. I can’t even imagine what that number would balloon to if you were able to do this from the comfort of your own home on a mobile device.”
Texas Situation:
The same source reports that the legalization of sports betting in Texas could take a long time. The Texas Legislature resisted multiple efforts of gambling proponents including millions of donations of Miriam Adelson, casino mogul behind Las Vegas Sands that received the approval from NBA to enter the acquisition deal for the Dallas Mavericks. As reported, Adelson pumped $1 million in the 2022 campaign of Republican Gov. Greg Abbott alone but The Texas Republican Party including Republican Lt. Gov. Dan Patrick who controls the Senate have proven to be increasingly opposed to casino gambling. For this reason, the sports betting bill cleared the House earlier in 2023 but never passed the Senate, according to the AP.
Waiting for Legislation:
Republican consultant Bill Miller reportedly said:“The Republican electorate controls Texas. I don’t think right now they are enamored of casino gaming. It’s daunting task to turn that around.” Miller added:“Over time, gaming is going to come to Texas in all versions. Casinos will be the last version. You have to have patience and you have to have money. You have to have the financial standing to stay in the game.” As reported, Adelson seems determined to wait as Las Vegas Sands purchased around 100 acres of land in Irving for the development of a sports arena with hotel and casino facilities.
As for other states, Georgia and Missouri will be reportedly waiting for the respective legislature in 2024. Fogel reportedly said:“Gambling is still going on in these states, whether or not it’s lawful. What that means is it’s going on in an unregulated manner. It’s going untaxed. There’s no integrity program in place where there can be safeguards and regulations. Betting is occurring. I’m not saying that’s the reason to pass legislation, but it is a reason.”