In a groundbreaking move, Dallas Mavericks owner Mark Cuban could soon be partnering with the Las Vegas Sands organization to bring a casino resort to the Dallas area. The Adelson and Dumont families, who own Las Vegas Sands, have confirmed that they are in a binding purchase agreement to acquire a majority ownership stake in the Mavericks. While Cuban will retain control of the basketball operations, this partnership could potentially pave the way for legalized sports betting and resort gambling in Texas, a state that has staunchly opposed such expansion thus far. With an estimated $6.23 billion being bet on sports by Texans annually, the legalization of gambling could provide consumer protection, oversight, and generate significant tax revenue.
The status of legalized sports betting and casino gambling in Texas has thus far been limited, with regulated sports betting currently banned and casino gambling allowed only at tribal casinos. However, multiple lobbying efforts have sought to change this, including the Texas Sports Betting Alliance, which backed a bill to legalize online sports betting across the state. Despite passing through the State House, the bill ultimately died in the Senate. Meanwhile, the Adelson family has invested millions of dollars in their own lobbying effort to bring resort-style casino gambling and sports betting to Texas, while Cuban himself has long been an advocate for a new approach to betting in the NBA and the U.S. With the potential partnership between Cuban and the Las Vegas Sands organization, the landscape of gambling in Texas could soon undergo a significant transformation.
Overall, this potential collaboration between Mark Cuban and the Las Vegas Sands organization represents a major step forward in the push for legalized sports betting and resort gambling in Texas. While the state has historically been resistant to such expansion, the prevalence of illegal gambling and the potential for significant tax revenue may sway opinions. With the support of influential figures such as Cuban and the Adelson family, the NBA's embrace of sports betting, and the growing popularity of online betting, Texas could be on the cusp of joining the sports betting boom experienced by many other states.