Last updated on March 6th, 2021 at 03:45 pm
The State Affairs Committee of the House of Representatives will tackle the Texas sports betting bill. Representative Harold Dutton introduced House Bill 1121 that would make sports betting legal in the state. However, it limits sports betting through the internet and mobile apps.
According to bookie software reports, the Texas Department of Licensing and Regulation will oversee the sports betting market. Its responsibilities include awarding licenses to operators who want to open a sportsbook in the state.
Sports betting licenses would cost $250,000. Also, the state would limit the permits to five operators. If more than five operators apply for a permit, the regulator selects the operators who best qualify for the licensing requirements. Also, it would look as to which operator can provide the most revenue for the state.
Texas Sports Betting Bill
According to sportsbook pay per head reviews, sports betting revenue will have a tax rate of 6.25 percent. The Department of Licensing and Regulation will collect the tax each month. Players can bet on both collegiate and professional sports events. However, betting on college games involving Texan teams is not allowed by the bill.
If the bill gets approval, it will become new law on January 1, 2022.
According to bookie pay per head sources, HB 2070 is another Texas sports betting bill filed this year. If passed, it would be on the ballot in November. However, the passage of the bill requires a two-thirds majority in the House and Senate. Also, the governor can’t veto it.
HB 2070 would allow sports teams to host a sportsbook in their arena. At present, only the Washington Football Team has a license to operate a sportsbook in the US. Texas has 13 professional sports teams. Thus, there are many possible sportsbook partnerships in the state. Two cities have potential retail sportsbook partnerships. They are Houston and Dallas.