In a stunning twist this past week, Marc Cuban sold a majority stake in his NBA team, the Dallas Mavericks. After the shock wore off, many speculated about why he did this now. As it turns out, Cuban may be trying to facilitate the legalization of Texas sports betting.
The 65-year-old billionaire’s support for sports betting in Texas is hardly surprising. He has been among the most outspoken advocates for the legalization of sports gambling and casino gaming. But selling your NBA franchise to advance that agenda is a different level of commitment. Especially when it comes to Cuban specifically.
Many around the Association did not think he would ever sell a majority stake in the Mavs. He is front and center at all of their games and heavily involved in basketball operations. The assumption was he would remain the majority owner until he no longer walked on this Earth.
Indeed, his decision to sell now was by and large deemed unfathomable. And for that reason, it’s clear he’s motivated by something unique. Many thought this sale was a precursor to Mark Cuban running for President of the United States in 2024. However, he quickly shot down that notion. Others have maintained it’s all about the money. But Cuban reportedly accepted a lower valuation of the Mavericks in exchange for an unprecedented agreement with the new stakeholder.
And this is where the future of Texas sports betting comes into play.
The Mavericks Were Sold to the Majority Stakeholder of World’s Largest Casino Operator
Miriam Adelson is the person to whom Marc Cuban sold the Mavericks. She just so happens to be the largest shareholder of the Las Vegas Sands Corporation. And that company just so happens to be the biggest casino operator in the world.
Is this purely a coincidence? It’s tough to say. Cuban has repeatedly opined about the financial benefits of Texas sports betting and casino gambling and their impact on the tourism economy. Opening a new Mavericks arena inside a casino-style resort is apparently among his money goals. Selling the team to Adelson may allow him to pursue this endgame—particularly given the unique structure of their deal. Despite now owning a minority of the Mavs, Cuban will retain oversight of basketball operations. Joe Pompliano of The Joe Pomp Show unpacked all of the necessary context:
“So why is Mark Cuban selling the team? Well, it's not because he wants to be President, as there is no rule requiring him to sell the team, and he will still be just as busy running basketball operations. Instead, my guess is that he isn't as bullish on the future of the NBA as he once was — regional sports networks are going bankrupt and valuation growth might slow over the next decade. So this deal allows him to take billions in profit off the table while still running the team. That's a win-win. But the interesting part is the Adelson family.
Miriam Adelson is the largest shareholder of Las Vegas Sands — the world's largest casino company. She is the world's 35th richest person and would instantly be the 3rd richest owner in US sports. But Miriam Adelson is also 78 years old and not getting any younger. She won't be running the team day-to-day and had to sell $2 billion of stock to complete the deal. That's why I think this is really a lobbying play to bring legalized casino gambling to Texas. The Mavericks arena is 20 years old, and Cuban has previously said he wants the new one to include a resort and casino around the property. He specifically mentioned wanting to work with Las Vegas Sands on that project.”
After reading all this, we must ask again: Is it a coincidence that Cuban just sold his team to someone embedded with the world’s largest casino operator? The answer: Most definitely not.
Is the Legalization of Texas Sports Betting and Casino Gambling Now a Given?
Upon learning the details of the sale, many believe the legalization of Texas sports betting and casino gambling is now a formality. But it isn’t quite that simple.
Yes, Cuban’s decision could be telltale. It comes at a time when there is prevalent support for Texas sports betting among state voters and pro sports teams. And he surely wouldn’t have sold so much of the team at a below-market valuation if he didn’t think legal sports gambling was inevitable. Still, “inevitable” is different from “imminent.”
Officials throughout The Lone Star State remain incredibly split on the matter. A Texas sports betting bill made it through the House of Representatives last year. But then it died in the Senate. As of now, most expect the same thing to happen again the next time state legislators meet. Lieutenant Governor Dan Patrick has been among the staunchest opponents of Texas sports betting. In particular, he's not a fan of online sportsbooks in the United States entering individual markets. His influence over the Senate and its agenda does not bode well for the immediate future of Texas casino gambling or sports betting.
On top of everything, state legislators won’t reconvene until 2025. So even if Lieutenant Governor Patrick is no longer a chief deterrent, we’re at least a year away from another Texas sports betting bill. And if that proposal needs voter approval, it cannot appear on a general election ballot until 2026. That would likely mean the earliest Texas can roll out legal sports betting is 2027—if not 2028.
So while Marc Cuban selling the Dallas Mavericks might be a good omen for Texas casino gambling and sports betting, it hardly guarantees meaningful change in the near future.
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