louisiana race and sports wagering in casinos

The proposed Texas Gaming Commission would set the wagering tax rate.

Geren’s proposal does not set a tax rate for sports betting, but would levy a 15% tax on adjusted gross revenue for casinos. Locations must have had live racing in 2022 and have at least the same number of races scheduled for 2023.Ī Fort Worth legislator says it's 'high time' to legalize sports betting in Texas It effectively caps the number of locations by specifying where they would be. The proposal specifically calls for two locations in both the Dallas-Fort Worth and Houston metropolitan areas, and one each in the San Antonio, Corpus Christie, and McAllen metro areas. Multi-use resorts that include gaming, accommodations, dining, entertainment, and other related entities would be created around the existing racetrack. The resolution would allow for the creation of “destination resorts,” with racetracks intended as the cornerstone. Under Geren’s proposal in Texas, existing racing facilities would have the inside track (pun intended), as the resolution would allow for casinos and sportsbooks at existing parimutuels to move more quickly than other entities.

In Illinois, Ohio, and Massachusetts, new laws allow for retail casinos at existing parimutuel facilities, and in California, where the tribal Proposition 26 failed, the tribes there included horse tracks as entities that could have brick-and-mortar sportsbooks. The latest proposal is designed to benefit the state’s ailing horse racing industry, which has become something of a trend across the country. The constitutional amendment to foster economic development and job growth, provide tax relief and funding for educational programs, and reform and support the horse racing industry by authorizing casino gaming at destination resorts, authorizing sports betting, creating the Texas Gaming Commission to regulate casino gaming and sports wagering, requiring a license to conduct casino gaming, and requiring the imposition of a gaming tax, sports wagering tax, and license application fees. Should Geren’s HJR 97 pass the legislature, it would appear on the Nov. Both pieces of legislation are constitutional amendments, which would require approval by a two-thirds majority of lawmakers in each chamber before getting on the ballot for all Texas voters. Carol Alvarado in November prefiled SJR 17. Charlie Geren has filed the second of what is likely to be multiple legal sports betting proposals in Texas. In an effort to prop up the horse racing industry in Texas, state Rep.

Louisiana race and sports wagering in casinos