AUSTIN, TEXAS (November 20, 2024) – New data from Eilers & Krejcik, an independent research and consulting firm, highlights the substantial economic benefits Texas would reap by legalizing online sports betting.
The study, titled “Legal Online Sports Betting In Texas: Revenue Forecast And Economic Impact Analysis”estimates that once mature, the legal online sports betting market in Texas could generate a projected $363 million annually in direct tax revenue for the state – revenue that could help lower property taxes and fund crucial public services such as education, healthcare, and infrastructure.
As reported in FOX Business, “The report estimated Texas would benefit from over $2.6 billion annually in economic output, adding non-gaming tax revenues generated from legal sports betting are expected to total $24.3 million per year.”
Key findings from the study include:
- Increased Estimated Tax Revenue: Once mature, the legal online sports betting market in Texas could generate a projected $363 million annually in direct tax revenue for the state.
- Increased Jobs and Wages: Approximately 8,000 jobs – when including direct, indirect and induced – will be created and supported by a legal online sports betting market in Texas, spanning sports betting platforms, technology, and customer service, and these jobs are predicted to provide almost $580 million in wages annually for Texans.
- Millions More in Indirect and Induced Economic Output: When accounting for direct, indirect and induced economic impacts of a legal online sports betting market in Texas, the report estimates Texas will benefit from over $2.6 billion annually in economic output. Further, non-gaming tax revenues generated from legal online sports betting is expected to total $24.3 million per year.
“Texas is missing out on a significant economic opportunity by not legalizing online sports betting,” said Lauren Clay, spokesperson for the Texas Sports Betting Alliance. “The study clearly outlines how this initiative could benefit the state’s economy and provide essential funding for public services.”
Contributing to the significant economic predictions in the report is the fact that Texas is already home to a thriving market for illegal sports betting. According to the study, the size of Texas’ illegal online sports betting market has grown, with Texans now wagering over $7 billion annually – revenue that the state is not benefitting from and a missed opportunity.
The findings of this study come at a crucial time as lawmakers in Texas consider legislation to legalize online sports betting and demonstrate the immense potential for increased tax revenue, job creation, and further positive economic benefits for Texans.
