Texas has been one of the states to say no to all form of gaming and betting back around the time of Black Friday. Now, the state’s got a newly-proposed sports betting bill that might undo the past.
Texas’ Love for Sports Betting and New Bill
Texas could become one of the states to legalize their sports betting in the future. With the illegal industry booming, lawmakers have become cognizant of the idea that potential state revenue is leaking to seedy third-parties.
As a result, Rep. Eddie Lucio III has filed a new piece of legislation outlining a possible future in which Texas is a sports betting state. There are a few wrinkles, understandably, but H 1275 seems to be the promise that Texas’ sports betting aficionados needed for a great start of 2019.
The 15-page document specifies the course of action that the state will pursue in several key fields, including:
- Regulation
- Issuing a permit
- Fees
- Taxation
- Criminal offenses
The bill would lead to some potential legal upheavals, as the document suggests to alter the existing law of the state to introduce sports betting on both NCAA and professional league sports. Should the bill garner sufficient support in the House and Senate, it would be up for Texas’ voters to decide whether they want to embrace sports betting.
Reading the Fine Print – What’s Texas Betting Going to Be Like?
Texas is not going to open the sluicegates of sports betting, choosing to tread carefully instead. Only 5 companies may be authorized to conduct sports betting activities. If the state is faced with an influx of applications, then it will have to decided based on specific criteria:
If more than five applicants submit applications, the executive director shall issue permits to the five applicants the executive director determines will best.
The suggested tax stands at 6.25% which is far lower than many of the newly-proposed bills across other states around the US, usually pinpointing the tax at 10% flat.
Texas’ H 1275 is also addressing other pressing issues, such as the Wire Act, avoiding conflicting with the DoJ’s reversal of opinion that came in January, 2019:
Sports betting offered to a sports bettor in this state must be initiated and received within this state unless otherwise authorized by federal law.
With this in mind, Texas has covered its basis well. There’s no mention of mobile betting as far as the Bill goes, but this is not to be regretted. Some say, it’s all long shot, but circumstances have changed.
Texas must remain focused on pushing through with more pressing issues right now, and putting sports betting up for a state-wide vote is what comes to mind.