Everything is bigger in Texas, and this applies to opportunities as well — including gambling. The Lone Star State is known for entrepreneurship and the large number of small businesses that start up on its fertile soil. For decades, Texas has been recognized as an economic powerhouse and would have become the world’s 9th largest economy by GDP if it were its own country. However, the robust economy is just one of the many reasons why starting a business in Texas is an excellent bet.
Why Texas?
Entrepreneurs and start-ups who need every bit of their income to count will be pleased to find that Texas does not have a personal income tax or a corporate income tax. This means that it is a cost-effective location to incorporate a new business compared to other states. Other incentives such as franchise tax exemption and sales tax exemptions for research and development make the state an exceptionally business-friendly location.
Although many people think of oil fields and cattle ranches when they hear of Texas, you may be surprised to find that Texas is also a leader in the innovation and technology sector. Its capital city, Austin, hosts key events and annual conferences such as the media festival South by Southwest (SXSW). The city is the center of a tech revival and is now often referred to as “the Silicon Valley of the South.”
Numerous start-ups are setting their sights towards Austin because of the city’s focus on supporting entrepreneurship. A Capital Committee helps new businesses find funding and recruit talent while Innovate Austin (a program by the Austin Chamber of Commerce) helps businesses to strengthen their strategy, increase their visibility, and connect with inbound investment.
Since 2000, the population of Texas has grown faster than any other state in the U.S. due to its attractive income growth. The state boasts highly ranked colleges and universities such as the University of Texas that contribute to a diverse and skilled workforce. Major metropolitan areas such as Austin, Dallas, Houston, and San Antonio attract talent from all around the state.
With 40 percent of Austin’s population between the ages of 18 and 44, the city is full of tech talent waiting to be discovered. The city has become a hotbed for entrepreneurs and start-ups, with tons of co-working space for budding inventors, remote workers, and freelancers to gain access to infrastructure, support, and community. With so many feathers in its cap, it is no surprise that Texas was recently ranked the best state to start a business in the U.S.
What About Gambling?
Another great area to look into is gambling. If what you are wondering is along the lines of “Is online gambling legal in Texas?” – well, that is the million-dollar question. Not only is online gambling legal in Texas, but it is also highly a great industry to look into if you are looking to make a fortune. The gambling industry is an exciting and highly lucrative industry that attracts many entrepreneurs who love to beat the odds. Unfortunately, the conservative Texas Constitution has made it historically difficult to allow gambling with legalization efforts falling short year after year. Hence, the state has several strict restrictions when it comes to the industry.
Legal gambling in Texas is generally limited to the state lottery, charitable bingo, raffles, and horse or greyhound racing. Sports gambling is prohibited and online gambling licenses are not issued by the state. Casinos are legal, although there are only three licensed casinos, all owned by native tribes and regulated under the Indian Gaming Regulatory Act.
A recent poll by the Dallas Morning News and the University of Texas reported that more than half of Texans support the legalization of casino gambling. Similarly, 43 percent of Texans would like to see sports betting legalized. According to estimates, Texans now spend $3 billion annually legally gambling in neighboring states such as Oklahoma and Louisiana—revenue that could very well stay in the state, if allowed.
This brings us to the popular activity of online gambling. In theory, only online gambling sites that operate within state lines are prohibited. There are no restrictions for state residents who wish to participate in online gambling with an offshore online casino, however. And to date, there has been no record of prosecution of Texans who gamble on offshore sites.
Despite the multiple legal constraints, Texans love to gamble. That is one of the reasons why Texas Hold’em poker has become a player favorite in poker clubs and casinos around the world. While private poker games are allowed in the state, any game where the house stands to profit is deemed illegal. Therefore, many players have migrated to online gambling sites to test their skills and rake in their winnings.
For entrepreneurs who know how to navigate the logistics of offshore operations, starting an online gambling business for Texans can be an extremely rewarding experience. Sure, it may take some clever organization and foreign connections, but the odds are that players will flock to your platform so long as it is reputable and secure. Privacy and information management is a key function that will be integral in the success of your online gaming endeavor.
Although approval of gambling is on a rapid rise in Texas, it will likely be several years before the many aspects of gambling are subsequently legalized. In the meantime, offshore online gambling platforms are great ways for players who love the challenge of card games and the promise of a phenomenal windfall.