Texas Lawmakers Look at Legalizing Gambling
There is good news for gamblers in Texas, with the state looking at regulating both casino gambling and sports betting. Two state lawmakers are driving bipartisan legislation, Rep. John Kuempel and Sen. Carol Alvarado. They have combined efforts to bring the state closer to regulated sports betting in a plan that involves both private stakeholders and the state’s federal Native American tribes.
If passed, it would change an old stature that makes Texas one of the few states to ban gambling on tribal land. However, the bills need at least two-thirds of the votes to pass in order to remove the ban in the Texas Constitution.
While Texas is traditionally anti-gambling, Alvaro has been successfully arguing that the state is losing billions of dollars a year to neighboring states that allow gambling, and changing the law will bring the money back to Texas.
Furthermore, major casino operators have expressed interest in establishing themselves in Texas. The CEO of Las Vegas Sands (NYSE: LVS), Rob Goldstein, has said that the company would seek to build a casino resort in Texas if the laws are changed.
However, there is still a long way to go, and one of the major obstacles will be the Republican-dominated legislature. Texas Republicans have consistently opposed the legalization of gambling and this is unlikely to change.
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At present just greyhound races, the state lottery and bingo are allowed in Texas, and even they are not warmly received. However, Texas residents hold very different views, and the majority are believed to back legalization of gambling in the state.
As a result, there is some hope for the efforts to change the laws, and even sports franchises and companies are beginning to apply pressure. It is hoped that there will eventually be enough public pressure that lawmakers can allow it without losing too much political capital.
There is no denying that there is a long road ahead before sports betting and casino gambling becomes legal in Texas, but with increased public support and politicians on both sides of the house showing interest, there is finally some hope.
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