Sports betting legalization could be better in Texas than it remains in California, at least in the eyes of BetMGM and its president.
Texas and California stay the 2 great untapped markets for legal online sports wagering websites in the United States, and it appears like neither state is poised for any major changes to betting policy in 2024.
However, for one major sportsbook and online casino operator, BetMGM, the chances of legalization look better for Texas than they do for California.
"California is not in our near-term model, Texas is," BetMGM CEO Adam Greenblatt stated Wednesday at the NEXT Summit New York City 2024 in Manhattan.
I have actually made it to NEXT Summit New York 2024 in Manhattan. First panel of the day is about forecasts for 2025. Betr CEO Joey Levy (whose business just announced a $15M fundraise at a $375M appraisal) says the circulation design for operators will have to change. pic.twitter.com/RUGIbBTRYy
BetMGM became part of the coalition of operators that attempted and failed to legislate online sports betting in California in 2022, so those scars and lessons are still fairly fresh.
In Texas, nevertheless, the legalization lobby may have acquired another ally with the recent multibillion-dollar purchase of a controlling stake in the NBA's Dallas Mavericks by the households behind casino operator Las Vegas Sands Corp.
. The Texas legislature will not have another regular session till 2025, which means any sports betting costs will have to wait until then, barring intervention from the governor. Nevertheless, Greenblatt was asked by CNBC's Contessa Brewer on Wednesday if the Mavericks acquisition would make a distinction with legislators.
"The team owners in Texas are very influential, and so the answer to that is yes," Greenblatt stated.
A not-so-golden chance
But California remains further off, according to the BetMGM CEO.
"California has unfortunately nabbed defeat from the jaws of success too numerous times previously," Greenblatt stated. "Sharing is hard in California. There are too many incumbent, very strong, influential groupings."
Most importantly among those prominent groups are the tribes involved in gambling establishment gambling in California. It was the people who led the opposition to online sports wagering in 2022, and it was the tribes who shut down an effort to get another question on the tally this year.
"And so the passage to sports wagering in California is an offer which includes the tribes as partners," Greenblatt stated.
Behind the scenes
The comments made Wednesday suggest legalization of sports betting in California or Texas stays years away. Nevertheless, the argument is essential for the industry, as legalization in either state would unlock the biggest state-level market in the U.S. for sportsbook operators, with countless new consumers there to be acquired.
Sports wagering legislation likewise made some headway in the Texas legislature in 2015 before ultimately falling brief. Furthermore, "interested parties are working behind the scenes to get online sports betting legislated in 2025," JMP Securities expert Jordan Bender composed in a March 5 note to customers.
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Sports Betting Legalization Closer in Texas Than California, BetMGM CEO Suggests
Nestor Money edited this page 2026-04-28 23:59:05 +02:00