Mark Cuban’s Vision to Build a Casino Near the American Airlines Center as the Legislative Session Will Begin On January 10, 2023
Texas will be busy in its upcoming legislative session as lawmakers will try to push for the sports betting market once again. The Dallas Mavericks owner has a goal to build a casino near the American Airlines Center.
What’s the Bigger Picture In His Vision?
Cuban has expressed his interest in expanding a partnership with Las Vegas Sands to build a casino as well as a resort. Lt. Gov. Dan Patrick is one of the top advocates that will be willing to put a bill together at the beginning of 2023.
According to two sources that are monitoring the situation, both the advocates and the opposers could iron out their differences to make things work. Some jurisdictions in the sports betting industry have rolled out brick-mortar locations before they launched the mobile sports wagering operation.
The Lone Star State may have different ideas, which could be similar to Tennessee’s approach. However, the Volunteer State doesn’t have any casinos or gaming facilities, but the state is one of the prominent markets regarding its online sports betting market.
Texas may push for a mobile-only market, which could work. In Arizona, mobile sports betting accounts for upwards of 98-99 percent of total handles according to its monthly handle reports. Maryland is slowly reaching its zenith with the addition of an online market, which launched during Thanksgiving weekend.
Lt. Gov. Dan Patrick Has the Support He Needs
In Texas, the Sports Betting Alliance advocates for the legalization and regulation of online sports betting on behalf of sportsbooks and professional sports teams. In addition, the group recently hired Gov. Rick Perry as a spokesperson.
The former governor switched his stance to a point where sports betting could generate a plethora of revenue, as projections are estimated to be $250 million annually. Perry stated on Dallas Morning News, “I’m not in favor of expansion of gambling…“If someone stands up and says, ‘This is an expansion of gambling,’ that is an erroneous statement. It’s not. This is a regulation of something that’s going on, and it’s not going to go away.”
The tax rate for these bookmakers is maybe 10 percent, which is far less than New York, which has far fewer people than Texas. The owners of the Dallas Cowboys, Dallas Mavericks, and the Houston Rockets are part of the Sports Betting Alliance.
Rockets’ owner, Tilman Fertitta, has strong ties in the sports betting industry as he bought land on the Las Vegas Strip with a vision to build a casino. Additionally, the Golden Nugget owner has a six percent stake in Wynn Resorts.
All the Attention Will Turn to Texas
Ohio will launch via a universal start date on January 1, 2023, while Massachusetts will start with a retail market. The online side of the business is in the works to launch just in time for the March Madness Tournament.
Sen. Carol Alvarado pre-filed a vague casino bill in mid-November. Still, the Sports Betting Alliance is neutral in regard to casinos.
