Did Mark Cuban Sell Mavs Due To Texas Sports Betting?

When Mark Cuban sold his majority stake in the NBA’s Dallas Mavericks last December, the move took many by surprise. Nearly 12 months later, many are still wondering what drove the decision.

Sure, Cuban has offered cursory explanations over this span. He has noted the value of selling to Miriam Adelson, the largest stakeholder in Las Vegas Sands, the biggest casino operator in the world. This acquisition, along with other asset purchases made from Cuban, aligned with the ongoing push for sports betting in Texas. Las Vegas Sands ranks among the biggest proponents for sports betting legalization and casino expansion. They have plans to combine the live-sports experience with a casino-type resort…if and when Texas sports betting is legalized.

For so long, Mark Cuban’s decision to sell the Mavs has seemed like a show of support for that vision. He retains a minority stake in the franchise (27.7 percent). And at one point, it was rumored he would also retain his front office power and responsibility. So initially, this didn’t seem like an attempt to exit the NBA ownership game. It was a means to advance the Texas sports betting agenda.

As it turns out, though, this is only partially true.

Sports Betting and Casino Industries Factored into Mark Cuban Selling The Mavs

On a recent episode of the All-In podcast, Mark Cuban explained that he actually sold the Mavs because he didn’t want to directly enter the Texas sports betting and casino business. Here is his full response, courtesy of Sports Illustrated’s Austin Veazey:

“When I first bought [the Mavericks] in 2000 I was the tech guy in the NBA. I was the media guy. I had every edge and every angle. Now fast-forward 24 years later, in order to sustain growth to be able to compete with the new collective bargaining agreement, you have to have other sources of revenue. And so you see other teams in all sports for that matter talking about casinos, talking about doing real estate development. That’s just not me. I wasn’t going to put up $2 billion to get an education on building. If we’re able to build a Venetian-type casino in Dallas with an American Airlines Center in the middle of it, the valuation is $20 billion. But I own 27% of that.”

This answer is equal parts illuminating and jarring. At certain angles, it can seem like Mark Cuban is voicing opposition to the rise of online sports betting in the United States. Consider his sentiments a little further, and you realize this is not the case.

Now, do we know Cuban’s exact views on sports betting in the USA or the legalization of Texas sports betting specifically? Not that we can tell. As a minority owner of a pro sports franchise that stands to benefit from it, he is probably an advocate. But that runs counter to his selling a multibillion-dollar operation because the call for sports betting and casino expansion is on the rise. Hence the confusion.

Has the Outlook on Texas Sports Betting Legalization Improved Since Cuban Sold the Mavs?

In all actuality, though, Mark Cuban’s logic is pretty much cut-and-dry. He does not view himself as someone who can spearhead—or is interested in spearheading—the implementation of legal sports betting and casino expansion. So much of that comes back to not only real estate development but lobbying for policy changes. And as he notes, that isn’t his thing.

It is hard to blame him in this case. Shaping the legalization of Texas sports betting isn’t necessarily anybody’s thing. Las Vegas Sands is well positioned to take up the mantle, but their purchase of the Mavs (and other assets in the area) has not exactly moved the sports betting needle.

Indeed, the discussion will continue during the next round of legislative meetings. Already, officials are debating whether the legalization of Texas sports betting will require a special gaming commission. You do not have that conversation if there isn’t real interest.

Still, Las Vegas Sands isn’t so much focused on Texas sports betting legalization as casino expansion. Mark Cuban himself admits as much. “Honestly, I don’t care so much about sports betting,” he told the Dallas Morning News earlier this year. “If you look at destination resorts and casinos, the casino part of it is tiny, relative to the whole bigger destination aspect of it. Could you imagine building the Venetian in Dallas? That would just change everything.”

The way Mark Cuban tells it, Las Vegas Sands isn’t even necessarily moving the needle on Texas casino expansion. They are betting bigger on destination real estate development. Casino operations are clearly part of that vision. But it’s a blueprint that doesn’t require Texas gaming laws to change right away.

The Future of Texas Sports Betting Remains One of the United States’ Biggest Mysteries

Many are naturally wondering what the future holds for Texas sports betting. Their curiosity will pique even more following Mark Cuban’s comments and explanation.

The reality is there are no surefire answers. Could a Texas sports betting bill be approved in 2025 and make it on to the 2026 electoral ballot? Absolutely. Could the next push for legalization flop, just like the ones before it? Also yes.

This ambiguity is so prevalent that it’s become captivating. Especially when you consider the larger sports betting landscape. Texas is the biggest market that remains a question mark. Even though sports betting in California isn’t yet legal, it’s considered a formality. Most have it pegged for approval, in some form, by 2026. Sports betting in Florida, meanwhile, has resolved its litigation and remains live. Not only that, but tribal officials are now openly contemplating Florida sports betting expansion through partnerships with big-time online operators.

That leaves Texas as the largest market without a clear sports betting trajectory. There is a chance 2025 brings some clarity. There is also a chance the future of Texas sports betting remains shrouded in mystery.

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