With the Gamblers finances in dire straits following the 1985 season, an ownership group stepped forward that planned to move the franchise to New York City.
Upon learning of this, New Jersey Generals owner Donald Trump bought the Gamblers, merging the club into his as part of the preparations for the USFL's planned battle with the NFL in 1986.
The combined Generals/ Gamblers likely would have been prohibitive favorites to win the USFL Championship in 1986 had the season been played.

The Houston Gamblers were, in a technical sense, not an expansion franchise of the USFL.  League founder David Dixon reserved the right to launch a franchise, but didn't do so in 1983 so as to allow him to consult with other league owners.  Dixon ultimately sold his franchise rights rather than launch his own team, with the group buying them locating the franchise in Houston.

Bernard Lerner was the initial majority partner of the Gamblers, but disagreements between the partners ultimately led to Dr. Jerry Argovitz taking the central role in the franchise's day-to-day affairs.

USFL Commissioner Chet Simmons was concerned about Argovitz' involvement in the franchise, as Argovitz was at the time a sports agent representing clients who were negotiating with other USFL teams.  Argovitz tied up his loose ends, then sold his representation business to focus solely on the Gamblers.

The Gamblers scored 618 points in their maiden 1984 season, winning 13 games along with the USFL Central Division title, dethroning the heavily favored and USFL champion Michigan Panthers for the division's top spot.

Singer/actor Kenny Rogers was a limited partner in the Houston Gamblers, and his famed "Gambler" movie character was the inspiration for the team's nickname.

Ricky Sanders and Richard Johnson became the first receiving duo in professional football history to each have 100 or more pass receptions in 1984.  

In 1984 Jim Kelly set the professional football record for most passing yards in a single season with 5,219, a record that was nearly broken later that year by the Miami Dolphins Dan Marino.  To Marino's credit however, Kelly's 5,219 was achieved over 18 games, while Marino's 5,084 would be gained in only 16.

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