Governor Greg Abbott says he backs legalized sports betting in Texas pic.twitter.com/7EWI5eHNDn
— Dallas Texas TV (@DallasTexasTV) February 6, 2025
You cannot protect people from themselves. If people want to piss away their money on sports gambling, they should be able to. The Lottery has been here for many, many years.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
Question....don't we already have alot of this now? EXCEPT, they get in their car and drive 1 to 3 hours to Oklahoma or Louisiana, right???KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
RD2WINAGNBEAR86 said:You cannot protect people from themselves. If people want to piss away their money on sports gambling, they should be able to. The Lottery has been here for many, many years.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
A whole bunch of folks have disposable income and money to burn. For example, just look at $Trumpcoin, $Bitcoin, and $Fartcoin.
This could be applied to most everything. Did you get in early?ScottS said:RD2WINAGNBEAR86 said:You cannot protect people from themselves. If people want to piss away their money on sports gambling, they should be able to. The Lottery has been here for many, many years.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
A whole bunch of folks have disposable income and money to burn. For example, just look at $Trumpcoin, $Bitcoin, and $Fartcoin.
If you got in early, you are rich now.
Nope. It could be a good deal though. Its just 56 cents right now.RD2WINAGNBEAR86 said:This could be applied to most everything. Did you get in early?ScottS said:RD2WINAGNBEAR86 said:You cannot protect people from themselves. If people want to piss away their money on sports gambling, they should be able to. The Lottery has been here for many, many years.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
A whole bunch of folks have disposable income and money to burn. For example, just look at $Trumpcoin, $Bitcoin, and $Fartcoin.
If you got in early, you are rich now.
I understand this sentiment, but I work with multiple people who just make aKaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
Bet the farm, Baby!!!!! Go for it.ScottS said:Nope. It could be a good deal though. Its just 56 cents right now.RD2WINAGNBEAR86 said:This could be applied to most everything. Did you get in early?ScottS said:RD2WINAGNBEAR86 said:You cannot protect people from themselves. If people want to piss away their money on sports gambling, they should be able to. The Lottery has been here for many, many years.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
A whole bunch of folks have disposable income and money to burn. For example, just look at $Trumpcoin, $Bitcoin, and $Fartcoin.
If you got in early, you are rich now.
This is not about providing Texans with still more entertainment options.RD2WINAGNBEAR86 said:You cannot protect people from themselves.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
KaiBear said:This is not about providing Texans with still more entertainment options.RD2WINAGNBEAR86 said:You cannot protect people from themselves.KaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
Merely another money grab.
Usually from those who can least afford to lose. ( go to North Las Vegas sometime--you will see the not so glamorous aspect of gambling )
BTW less than 20% of American families have at least 3 months of cash reserves.
Forgive me but are we talking about two different things. Sports gambling is illegal in OK. Casino gambling is legal under the Tribal-State Compact.Forest Bueller_bf said:I understand this sentiment, but I work with multiple people who just make aKaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
quick trip into Oklahoma or sometimes Louisiana to throw away their money.
They might as well throw it away in Texas.
Thanks for setting me straight here. Certainly think Casino gambling in Texas should be legal since folks are going to do it anyway.Coke Bear said:Forgive me but are we talking about two different things. Sports gambling is illegal in OK. Casino gambling is legal under the Tribal-State Compact.Forest Bueller_bf said:I understand this sentiment, but I work with multiple people who just make aKaiBear said:
Yep, just what Texas needs.
A dozen more millionaires and 100,000 more destitute families.
quick trip into Oklahoma or sometimes Louisiana to throw away their money.
They might as well throw it away in Texas.
As for casino and sports gambling in the state, I would be inclined to allow them both. Recreational or professional gambling is NOT a sin providing one is using discretionary income and not using funds required to living.
As other posters have stated, MANY Texans are making the drive north or east to gamble there. We may as well keep the money here.
It would bring in a good amount of tax dollars.
Gov. Greg Abbott this week signaled he is open to authorizing online sports betting, though his support is unlikely to sway state senators blocking its legalization. https://t.co/jlm8NSYIX5
— WFAA (@wfaa) February 7, 2025
Casinos and video poker machines are bad enough. But sports betting is even worse:Quote:
When the Supreme Court in 2018 struck down the federal law that prohibited sports gambling, then-CEO of the American Gaming Association, Geoff Freeman, proclaimed the expanded betting market would both raise revenue and protect consumers.
The first point stands uncontested: sports gambling, which is now available in the majority of American states, generated $120 billion in total bets and $11 billion in revenue for firms across the U.S. in 2023 alonethe vast majority of this online. But the second point merits more scrutiny and is the subject of recent research by Kellogg's Scott Baker, an associate professor of finance.
With colleagues Justin Balthrop and Kevin Pisciotta of the University of Kansas, and Mark Johnson and Jason Kotter of Brigham Young, Baker studied the state-by-state rollout of online sports gambling and its impact on household spending from 2018 to 2023.
Specifically, they asked, if consumers are spending more on online sports gambling, on what are they spending less?
The answer wasn't immediately obvious. For example, it was possible that the rise of sports betting was coming at the expense of other forms of entertainment, like concerts or dining at restaurants. It was also possible that legalized sports betting would encourage people to spend less on other forms of gambling and maybe even be financially beneficial overall.
"If sports betting displaced other forms of gambling, like lotteries, then it could possibly be better for consumers," Baker says. "On average, sports betting tends to have significantly negative expected payouts but still better than most lotteries, which is very negative for everybody except for the ten-in-a-billion who win grand prizes."
By and large, however, the research shows that the hundreds of billions of dollars that consumers pour into online sports betting overwhelmingly come from money that used to be spent on more stable, long-term investments, like retirement accounts. This trend is particularly pronounced in financially constrained households.
"In general, as entertainment and gambling spending goes up, bad things happen for people's budgets in other places," Baker says. "Net savings decline, and we see more indicators of financial fragility."
States that legalized online sports betting saw an almost 30 percent upswing in bankruptcy filings within four years. If I were dictator, I would ban pornography and nearly all forms of gambling. The destruction to actual human lives is too immense. I accept that some people can gamble for fun without falling prey to addiction, and hey, when I'm back in the US, and the PowerBall jackpot is huge, I buy a ticket or two. But overall, this stuff is total poison and it extracts the highest cost from people least able to afford it: the poor and the working class.] - Rod DreherQuote:
Second, the vast majority of this money comes from online betting where people can place bets by pushing a few buttons on their phone while lying in bed at two in the morning. "If we're worried about people acting impulsively, then one lever that would move the needle would be to make all sports betting take place on premises somewhere," Baker says.
