Todd Archer of ESPN reported the deal comes after the league "relaxed its rules on gambling-related content, allowing teams to accept advertising money."
"The Dallas Cowboys take great pride in aligning themselves with the best brands in the world," team owner Jerry Jones told reporters. "It is a privilege to stand shoulder to shoulder as partners with such a prominent entertainment brand like WinStar World Casino."
In May, the United States Supreme Court overturned a 1992 federal law against sports betting and granted power to the states to make individual decisions about whether to legalize the practice.
Now the NFL stands to generate massive revenue from the expected wagers.
Chris Isidore of CNN Money reported Wednesday that a Nielsen survey commissioned by the American Gaming Association shows the league could generate $2.3 billion in additional yearly revenue from bets placed on its games as well as other money streams, such as sponsorship deals.
"Legal, regulated sports betting will create huge new revenue opportunities for sports leagues—and the NFL could be the biggest winner of all," AGA senior vice president Sara Slane said.
The Cowboys, which already ranked first in Forbes' NFL team values at $4.8 billion for 2017, are getting ahead of the curve with their WinStar World Casino and Resort deal.