Las Vegas Sands Remains Key to Texas Sports Betting

The Las Vegas Sands Corporation has been laying the groundwork for gambling legislation that could lead to Texas sports betting for years. From their largest shareholder, Miriam Adelson, purchasing a majority stake in the Dallas Mavericks to buying up large parcels of land to lobbying for initiatives that legalize casino gaming, their fingerprints are all over attempts to rewrite gambling laws in The Lone Star State.

To this point, though, their efforts have proven largely unsuccessful. Bills that would legalize commercial casino gaming and sports betting in Texas continue to fall flat. Granted, support has at times crescendoed to intriguing levels. One Texas sports betting bill even made it past the House of Representatives.

Overall, however, momentum isn’t particularly high among policymakers. Especially when it comes to the Senate. Most do not expect this to change so long as Lieutenant Governor Dan Patrick holds his office. He is, without question, the largest obstacle standing between Texas sports betting and casino legalization.

Many initially believed he might back a piece of legislation predominantly funded and sponsored by Republicans. It no longer seems like this is the case. The Adelsons are among the biggest donors to the Republican political party and have no doubt thrown their support behind Texas gambling bills or discussions in the past. The Lone Star State’s laws still remain unchanged.

This has left many to speculate whether Las Vegas Sands would consider trying to establish a casino gambling foothold in Texas. That conjecture reached a fever pitch when they removed plans earlier this year to build a casino in Irving as part of a resort proposal. For some, this seemed like a sign they would focus more on real estate development and let the gambling issue play out with more gradual speed. But that’s a misread of the situation.

“We’re happy with the progress we made this session,” Andy Abboud, a senior vice president at Las Vegas Sands, told the Dallas News. “We have always said this will be a marathon, and we still strongly believe that destination resorts coming to Texas is inevitable, which is why we’re not going anywhere.”

Declaring that they’re “not going anywhere” is quite the show of commitment. It also aligns with their actions–and spending—to date.

Las Vegas Sands has Spent Millions on Lobbying for Initiatives that Push the Texas Sports Betting and Casino Agenda

Given how invested Las Vegas Sands is in the Texas market, it makes sense that they plan to continue pushing their agenda. As the Dallas News’ Chase Rogers writes:

“Miriam Adelson, whose family owns Las Vegas Sands, has poured millions into political donations in a push to legalize gambling in Texas — a state that is seen as one of the largest untapped markets in the country. The company’s push — made through lobbyists and public messaging — has framed casinos as economic development engines, emphasizing job creation, tourism and beneficial for public services like education through increased tax revenue. Legislation to legalize casino gambling — which would require a voter-approved constitutional amendment — has repeatedly stalled in the Texas Legislature, in part due to opposition from religious groups and conservative leaders. But Sands has said it isn’t giving up.”

Rogers hits the nail on the head by calling The Lone Star State “one of the largest untapped markets.” Estimates suggest that offshore Texas sports betting is a $7 billion per year industry. Other forecasts project that Texas sports betting could generate nearly $400 million of additional tax revenue on an annual basis by its third year of operations. And this does not include potential spending on casino-type games.

These numbers are so large they can seem exaggerated. And, well, anything’s possible. But Texas has the second-largest population in the United States. If sports betting in New York can reel in over $1 billion in tax revenue for 2024, The Lone Star State can certainly hit less than half that. (Yes, The Empire State has an astronomical tax rate of 50 percent. But that’s why Texas’ projections are so much lower.)

Sports Betting Supporters Should Probably Root for Casino Legalization

On some level, this topic is reconciling separate issues. Casino legalization and Texas sports betting do not have to go hand in hand. At the same time, they are probably inextricably tied together.

Just look at the landscape of sports betting in the United States. Of the 40 states that will offer some form of legal wagering by the end of 2025, all of them also have sanctioned casino gaming. That is not a coincidence.

To be sure, casino operations tend to come first. So Texas sports betting may not be legalized in tandem with casino commercialization. But that is also kind of the point.

Texas sports betting almost certainly won’t get the green light for casino gaming. If one has to come first, it’s most likely the legalization of casino gaming.

So in the event you count yourself among the advocates for legalized Texas sports betting, you should be rooting for Las Vegas Sands to be successful. Whether they actually will is a separate matter. Most assume the expansion of gambling in Texas is inevitable. But the downsides of the industry are also receiving more scrutiny these days. If its momentum starts to falter in markets that already legalized it, sentiment could start to shift. Even if it doesn’t, Texas and California alike have so far proven gambling isn’t a given just because you’re a flagship market.

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