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Texas is the white buffalo of the legal sports betting industry. It’s the sacred land that holds enormous amounts of wealth — if it can be accessed by the top sports betting apps.
It’s been exactly eight years since the Supreme Court reversed a federal ban on sports betting. By now, 39 U.S. states have already legalized. Any more growth that the likes of BetMGM, DraftKings, or FanDuel will get has to come from the 11 states still without.
Texas is the white buffalo, but so is California. Other states like Georgia, Nebraska, and Oklahoma, are also nice to haves. But these betting apps aren’t crossing their fingers that it just happens. No, they’re putting up money in hopes of winning some hearts. Keep reading and we’ll tell you about their aggressive efforts to expand sports betting across the country.
Win for America Has Deep Pockets
Betting apps have poured money into a PAC to get legislation in their favor. PAC might be a dirty word to some of you reading, but hey, that’s just how policy is passed in the United States of America — no matter the party or political issue.
This PAC is funded by four apps — bet365, DraftKings, FanDuel, and Fanatics. They may be rivals in business, but they’re also smart enough to know legalized markets in California or Texas will lift all boats, not just the leaders (although they’d undoubtably go up the highest). So far, the four have put in $48 million for this PAC.
They’re not just sitting on this money either, a lot has already been spent this year, a midterm year, by the way. Win for America has put $20 million in the following six states — Alabama, Georgia, Illinois, North Carolina, Ohio, and Texas.
Three are non-legal states, while three are already legal. You might be wondering, why states with legalized markets are getting money? Mission accomplished there already, right? Not exactly. Even in legalized states, new policy can still lead to increased tax rates, which is exactly what’s happened in Illinois (hence why they’re one of the six states on the list).
Axios, who reported on this PAC in the first place, says Win For America has plans to put money into 15 more states from now until the November election. Speaking of Axios, a rep for the PAC said, “these organizations seek candidates who will thoughtfully approach regulation and ensure legal sports betting can continue to support communities through billions in tax revenue and jobs across America.”
Non-BS translation: we will line the pockets of candidates who agree to allow sports betting in their states and without eye-gouging taxes and policy.
Is Money Enough To Win Over Texas?
Look, $48 million is quite a good war chest. It might work in Georgia, but Texas? Money hasn’t worked here up to this point.
Look no further than the new owners of the Dallas Mavericks. Miriam Adelson and Las Vegas Sands have already poured over $10 million into Texas politics with almost nothing in return. Seriously, the Texas Senate didn’t even consider sports betting a year ago, and now seems hellbent on banning prediction markets too.
That should be a red flag for Win for America. Some states have deeply-rooted interests against betting that can’t be bought as easily. It’s not just Texas either. California has stuck to its guns, giving local Native American tribes priority instead of commercial apps like the ones funding the PAC.
But then again, maybe it’s all a long-term play. Even if bills aren’t passed right away, that doesn’t necessarily mean the money was wasted. Donations can, at the very least, soften opposition, protect bettor-friendly lawmakers, and keep the issue alive for more years to come. If that happens, who’s to say the issue can’t be flipped once current leaders retire in favor of newer ones?
That’s likely the exact strategy in Texas. Right now, Lieutenant Governor Dan Patrick — who controls the Senate — is staunchly opposed to betting, and there’s likely no changing his mind at 76 years old. But he can’t stay in office forever, right? So donations now could pay dividends when he’s replaced or retired.
Other States More Realistic Targets Than Texas
Texas sports betting feels like a longshot, but Win For America has much more immediate chances in other states. Georgia and Nebraska are two likely options.
Georgia has had a betting bill kicked around for multiple years in a row, so things have been close for a while now. This past year, a betting bill failed 98-63. So in theory, all it would take get Georgia betting legalized is to win over 20 or so candidates. That’s doable with the PAC’s budget, especially for smaller candidates who could use the spending money more then big wigs like Patrick.
Nebraska might even be closer than Georgia, too. DraftKings and FanDuel are already helping fund Tax Relief Nebraska, a ballot push to legalize online sportsbooks and use the money for property tax relief. The effort has raised more than $5.6 million this year, with DraftKings and FanDuel each putting in $2.6 million. If supporters gather enough signatures, voters could decide the issue directly this November.
To put all this in betting terms, Win For America’s over/under to legalize new states could be theoretically sitting at 2.5 right now. We’re inclined to bet the over.
Online betting sites 