Texas considers legalizing sports gambling and casinos
Legalizing sports gambling in Texas could generate $180M yearly tax revenue
Texas is considering legalizing sports gambling and the development of eight high-end, resort-style casinos.
Currently, Texans can only place illegal bets through bookies or offshore accounts, resulting in the state missing out on an estimated $180 million in tax revenue each year.
Proponents argue that legalization would generate reliable income streams for the state and protect bettors by shifting regulation from unscrupulous foreign groups to the state. However, critics argue that gambling expansion could have negative effects on the community, including higher rates of suicide, violence, and debt.
Both measures would require a constitutional amendment, meaning they need approval from two-thirds of the members in both the House and the Senate, and then approval from Texas voters in the November election.