The word on the sports world street is that Mark Cuban sold his majority ownership share in the Dallas Mavericks to Miriam Adelson and Patrick Dumont, her son-in-law. In a joint statement, the duo agreed that they have, in their words, “entered into binding purchase agreements to acquire majority ownership and the right to serve as Governor of the Dallas Mavericks.” Once signed and sealed, the deal’s value is expected to be $3.5 billion, but this is not just about basketball.
The Adelsons have been trying to legalize gambling in Texas for years now, and with this sale, it seems like just the thing that will make it happen. Its occurrence may not be immediate, but following the history and consistency of the Adelsons in trying to win over the Texas House and Senate, Miriam Adelson and Patrick Dumont are just getting started.
Gambling Legalization in Texas
No doubt, Texas remains one of America’s biggest states, with a population of 30 million people. Imagine what that number could do economically if sports betting were legalized.
Online casinos in Texas could thrive, but for the longest time, Texas has held its ground against sports betting legislation, paying no heed to each team it has in the four professional leagues. Some of its surrounding states, like Oklahoma, Louisiana, and Arkansas, have adopted sports betting legislation since 2022 and 2023 and have significantly changed their economic status. These states rake in millions monthly, and Texas is pressured to do the same.
Although the Texas government frowns upon casino gambling as well, the state has two federal government-regulated tribal casinos in Livingston and Eagle Pass. In 2022, these casinos made an annual impact of half a billion dollars in Texas’ economy, established 3,000 jobs, and for tax revenue, they made $50 million. Legalizing sports betting in Texas is greatly supported by Miriam Adelson, and this is how she contributes to the vision.
Contributions of Miriam Adelson to the Legalization of Casino Gambling in Texas
Sheldon Adelson, Miriam Adelson’s late husband, had his sights set on Texas before he passed on. Unrelenting, Miriam Adelson has proceeded to actualize his dream by contributing financially to Texas affairs. The Adelsons were President Trump’s key financial supporters in the 2016 presidential election. In September 2020, they contributed $4.5 million to help the Grand Old Party preserve its control of the 2021 state House legislative session.
The political action committee of the Las Vegas Sands, funded and controlled by Miriam Adelson, donated over $2 million to political campaigns in 2022. During all these strategic donations, Las Vegas Sands and Miriam Adelson were making moves to legalize gambling in Texas. Building a support system in Austin, they fought for the legalization of gambling and the approval of the construction of casino resorts in the big cities of Texas.
Still, to actualize their goals, the Las Vegas Sands and Miriam Adelson contracted 89 lobbyists to influence the legislature’s votes. They made significant headway with their efforts, as some high-up Texas officials bought into the Adelson dream. More intriguing is that two political parties supported the bills created to legalize sports betting, a rare occurrence in Texas legislation.
Detractors to the Legalization of Casino Gambling in Texas
You would naturally think that at this rate, gambling ought to have been legalized in Texas. We think so, too, but the proposition still has many detractors. The legislation the Adelsons supported didn’t last very long in 2021 or 2023, and even though some officials are open to legalizing gambling, Lieutenant Governor Dan Patrick is another detractor.
He has the power, as the Texas Senate president, to revoke any bill that aims to legalize gambling, but it goes beyond him. Without Patrick being in the picture, there is still a need for two-thirds of legislators in the House and Senate to pass the bill into law. However, this means that several groups will be riled up if such a bill were passed, which would mean trouble for lawmakers.
Why Sell Dallas Mavericks?
Cuban sold his Dallas Mavericks stake primarily to partner with Las Vegas Sands in building resorts and casinos around its next arena. He believes there are currently a few places where families can have fun and that the new development would improve tourism and taxes and create jobs for those who visit and reside in Texas.
Frequently Asked Questions
- How much did Mark Cuban buy his share of the Dallas Mavericks?
Long in this business of making wealth, Mark Cuban’s success stories have taken him from Pittsburgh to Dallas. He bought his share of the Dallas Mavericks from Ross Perot Jr. in 2000 for $285 million and is one of the league’s most influential owners.
- Who is Miriam Adelson?
78, and the world’s fifth-richest woman, Miriam Adelson, is the wife to the late Sheldon Adelson, one of the world’s foremost casino magnates. At the time of writing, she is the majority owner of the Las Vegas Sands Corp.
- How long will it take Texas to legalize gambling?
The legalization of gambling in Texas is taking longer than expected, and since the Texas Legislature convenes every two years, bodies interested in legalizing gambling would need to wait till 2025.
- What does Texas need to do to legalize gambling?
The state constitution needs to be amended for gambling to be legalized in Texas, and this can be achieved if both chambers of the state legislature get two-thirds approval.
Conclusion
Mark Cuban’s reason for selling his share of the Dallas Maverick to the Adelsons is undoubtedly noble, and the decision also increases the chances of legalizing gambling in Texas. Both parties have their reasons for buying and selling, but it falls on the shoulders of the Texas legislature to decide what it would be.