Stunning Mavs Twist Reveals Texas Sports Betting Truth

When the NBA officially approved the sale of the Dallas Mavericks back in December 2023, the transaction was seen as a potential landmark moment for Texas sports betting and casino gaming. Former majority owner Mark Cuban sold the team to Miriam Adelson, the majority shareholder of Las Vegas Sands Corp., a casino and resort company best known for owning and operating The Venetian in Las Vegas.

The significance behind the deal was undeniable—and not just because it was approved at a franchise valuation north of $4 billion.

Las Vegas Sands Corp. has made no secret of its hope to bring casino resorts to The Lone Star State at some point. Their vision is also believed to include championing a Dallas destination that’s a major hub for sports betting in Texas.

Yet, the purchase was and remains a risk. Neither Texas sports betting nor casino gaming is currently legal. Las Vegas Sands is clearly counting on that to change.

Spoiler alert: It’s not changing.

More than two years into the start of the Las Vegas Sands Corp’s tenure as controlling owners of the Mavs, the push for legalized sports gaming has not gained much additional traction. Outwardly, the Adelson family continues to express a commitment to their NBA franchise, as well as the series of other real estate purchases they made in the Dallas area, which are ostensibly earmarked for future resorts.

Still, according to Marc Stein of The Stein Line Substack, a recent development has many wondering whether Las Vegas Sands Corp might be looking for a mulligan. As it turns out, a group of investors has approached Cuban, the Mavs’ former majority owner, about re-acquiring the team from Adelson.

There is No Traction on Cuban Re-Acquiring the Mavs…For Now

Here is the full lowdown from Steini, including a response from a source close to Adelson and Patrick Dumont, the son-in-law of Adelson tasked with overseeing the Mavs:

“The Stein Line has learned that a group of unidentified Dallas investors has registered tangible interest in partnering with former majority owner Mark Cuban to try to buy the franchise back from the Dumont and Adelson families. Patrick Dumont and Miriam Adelson have owned the franchise for less than three years. Would they be willing to field interest from a Cuban-centric group or any other interested bidders for the Mavericks after the tumultuous past 12 months? A source close to Dumont told The Stein Line on Monday that ‘the family remains excited about the future of the franchise and the Cooper Flagg era.’”

As far as denials go, this is pretty bland, if not weak. Which isn’t to say a re-acquisition has legs. At the same time, as Stein notes, the ever-candid Cuban declined to comment on the report. His silence is being interpreted as confirmation around league circles.

Still, the outcome of this interest, however preliminary, matters less than the logic behind it. Investors would not even consider trying to buy the Mavs if Texas sports betting and casino gaming were on the fast track. Heck, they are unlikely to try even if it’s on the slow track. Adelson and Dumont know they could be playing a long game. If people already believe they’d consider selling, it’s because Texas sports betting and casino laws show no signs of changing. But is that accurate?

What is the Current Status of Texas Sports Betting Talks?

This is a question with many potential answers. State legislators remain open to discussing the topic. But their commitment or interest doesn’t seem to travel much further.

Opposition to Texas sports betting remains strong in the Senate. Lieutenant Governor Dan Patrick isn’t doing anything to reshape that impression. As popular as online sports betting in the United States has become, he maintains there isn’t enough support among Republican lawmakers to bill it as a priority.

Granted, we cannot know this for sure until the Texas state legislature meets again. That will not happen until early 2027. Based on how the Senate has rejected previous Texas sports betting overtures, though, this all sounds about right.

All of which should come as a blow to Las Vegas Sands Corp. They are staking a lot of money on Texas gaming laws changing in the semi-near future. Anecdotally, this investment doesn’t seem like it’ll pay off. Not that soon, anyway.

Has Las Vegas Sands Quietly Given Up on Its Texas Footprint?

There is some evidence that the company knows as much, too. As Stein also notes, Dumont will be “installed” as the Las Vegas Sands Corps’ CEO in October. The company is assuring everyone this won’t impact his role with the Mavs. At the same time, Las Vegas Sands is the company’s and family’s primary business. We find it hard to believe he can serve, actively, in both capacities.

Whether this opens the door for a sale remains to be seen. Even if it does, it will take some time before the Mavs are up for auction again. The optics of reselling a majority ownership stake less than three years later aren’t great. Pro-sports valuations continue to rise, but the return-on-investment could slump if prospective buyers sense desperation.

In the aggregate, though, even speculating about another sale speaks volumes. And it doesn’t say anything good. Not for Las Vegas Sands anyway. If Texas sports betting and casino gaming were in line for approval anytime, this wouldn’t be a conversation. The fact that it is suggests nothing’s changing in the near or even moderately distant future.

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