In a shock turn, Mark Cuban has sold his majority stake in the NBA’s Dallas Mavericks to the Las Vegas Adelson family.
In a transaction estimated to be worth somewhere in the realm of $3.5 billion, the Adelson family hopes to have gained the majority controlling stake by the end of the year.
According to many sources, Cuban will keep a partial stake in the franchise along with maintaining the significant role of heading basketball operations, subsequent to the deal’s completion.
Texan gambling expansion
Cuban is known to be a significant proponent for the legalisation of gambling in Texas in the hopes of bringing the resort casino to the lone star state.
A business model pioneered by the Adelson family, most notably by the late Sheldon Adelson, former CEO of the Sands Las Vegas.
Until now the state has been adamant that sports betting and gambling alike would not be legalised, however, industry experts have suggested that Cuban’s latest move could be the straw that breaks the camel’s back.
Alan Feldman, a distinguished fellow at the University of Las Vegas International Gaming Institute, had this to say on the matter:
“There’s a lot of money leaving the state. And at some point, I think they’re going to realise if they don’t get in the game, Texas is just going to be exporting money to other states.”
Adelson ambition
The Adelson takeover is significant in that the family has actively lobbied state legislators for years.
Several factors have been powerful yet remain unable to effect a regulatory change in favour of legalisation until now.
Factors such as Sheldon Adelson’s influence as a longtime donor to the Republican party as well as the ever expanding wealth of his wife Miriam Adelson, estimated at $33 billion.
According to Feldman:
“A family like theirs having a majority stake in one of the premier franchises in Texas is a net positive for the efforts of legalised gambling in the state.”
Texas’ significance
Texas is one of if not the biggest state yet to legalise casino gambling or sports betting.
Harbouring a fervent fanbase for its sports teams and a growing population, the state and Dallas specifically, are seen as the perfect locations.
Andrew Brandt, executive director of the Moorad Center for the Study of Sports Law at Villanova University’s Law School, highlighted this point:
“Texas is such a big stage. So much of a revenue base could come from sports betting and it’s the reason why a lot of states have implemented it. It’s an anomaly that large states like Texas and California are sitting on the sidelines in this industry.”
Legalising casino gambling would require an amendment to the Texas Constitution, which needs two-thirds approval in both chambers of the state Legislature to bring it before voters.
SiGMA Eurasia
SiGMA’s world-renowned summits will return in 2024 when SiGMA Eurasia graces the industry’s calendar once again. Dubai will be the host yet again for the much-anticipated conference and exhibition from the 25th – 27th of February. Get your tickets now to ensure you won’t miss out!
