Sports betting legalization might be better in Texas than it remains in California, a minimum of in the eyes of BetMGM and its ceo.

Texas and California stay the 2 terrific untapped markets for legal online sports wagering sites in the United States, and it looks like neither state is poised for any significant changes to gambling policy in 2024.

However, for one major sportsbook and online casino operator, BetMGM, the chances of legalization look much better for Texas than they provide for California.

"California is not in our near-term design, Texas is," BetMGM CEO Adam Greenblatt stated Wednesday at the NEXT Summit New York City 2024 in Manhattan.

I have actually made it to NEXT Summit New York City 2024 in Manhattan. First panel of the day has to do with forecasts for 2025. Betr CEO Joey Levy (whose business just announced a $15M fundraise at a $375M assessment) states the circulation model for operators will need to alter. pic.twitter.com/RUGIbBTRYy

BetMGM became part of the coalition of operators that attempted and failed to legislate online sports betting in California in 2022, so those scars and lessons are still relatively fresh.

In Texas, nevertheless, the legalization lobby might have acquired another ally with the recent multibillion-dollar purchase of a managing stake in the NBA's Dallas Mavericks by the families behind gambling establishment operator Las Vegas Sands Corp.

. The Texas legislature will not have another regular session until 2025, which indicates any sports betting bills will have to wait up until then, disallowing intervention from the guv. Nevertheless, Greenblatt was asked by CNBC's Contessa Brewer on Wednesday if the Mavericks acquisition would make a difference with legislators.

"The team owners in Texas are extremely influential, therefore the response to that is yes," Greenblatt stated.

A not-so-golden opportunity

But California remains even more off, according to the BetMGM CEO.

"California has regrettably nabbed defeat from the jaws of success too lots of times in the past," Greenblatt said. "Sharing is hard in California. There are too many incumbent, very strong, influential groupings."

Firstly amongst those prominent groups are the Native American tribes associated with gambling establishment gaming in California. It was the people who led the opposition to online sports wagering in 2022, and it was the tribes who closed down an effort to get another concern on the tally this year.

"Therefore the passage to sports betting in California is a deal that includes the people as partners," Greenblatt stated.

Behind the scenes

The comments made Wednesday recommend legalization of sports wagering in California or Texas stays years away. Nevertheless, the debate is necessary for the industry, as legalization in either state would open the largest state-level market in the U.S. for sportsbook operators, with countless new consumers there to be obtained.

Sports wagering legislation also made some headway in the Texas legislature last year before ultimately failing. Furthermore, "interested celebrations are working behind the scenes to get online sports betting legislated in 2025," JMP Securities analyst Jordan Bender composed in a March 5 note to clients.