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Texas Eyes Sports Betting Amid $150B Industry Boom

10/6/2025

28 6 Full Breakdown

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Texas Sports Betting Legalization

The sports betting industry grew from $4.9B in 2017 to $150B in 2024 after 2018 Supreme Court ruling.
Texas plans to legalize sports betting, but funding remains insufficient despite high demand.
The SAFE Bet Act would set federal standards, including advertising limits and deposit restrictions.
Prediction markets Kalshi and Polymarket operate as financial products where betting is illegal.

Left

Ian White Bets Online

Ian White, a Minnesota special education paraprofessional, uses Kalshi for sports outcomes despite the state's online-betting ban.
He learned about Kalshi on TikTok and has earned about $130 from $10 per-game contracts.
White views Kalshi as betting, despite its classification as a "prediction market."
Kalshi operates in all states, selling sports-outcome financial products with Trump administration support.

History

Historical Context

The Professional and Amateur Sports Protection Act (PASPA) of 1992 banned sports betting in most states, but was overturned by the Supreme Court in 2018, declaring it unconstitutional. This ruling allowed states like New Jersey to legalize sports betting, leading to a market surge from $4.9 billion in 2017 to an expected $150 billion by 2024, prompting federal regulatory efforts like the SAFE Bet Act.

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Texas Sports Betting Legalization

The sports betting industry grew from $4.9B in 2017 to $150B in 2024 after 2018 Supreme Court ruling.
Texas plans to legalize sports betting, but funding remains insufficient despite high demand.
The SAFE Bet Act would set federal standards, including advertising limits and deposit restrictions.
Prediction markets Kalshi and Polymarket operate as financial products where betting is illegal.

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