By Nick Hennion, Brian Pempus

Despite obstacles, WWE is apparently attempting to capitalize on U.S.
sports betting expansion. However, there is no legal wagering on WWE
anywhere in the U.S., and there likely won’t be in 2023. It’s unclear if there ever will be.

According to a March 2023 CNBC report, WWE—which produces fixed sports-
style events such as WrestleMania and Royal Rumble—wants to quell
gambling regulator concerns by reducing the chances that high-profile
match outcomes leak to the public.

WWE is “working with” the accounting firm EY, better known as Ernst & Young. EY and rival PwC have helped safeguard results for the Academy
Awards, a fixed entertainment event available for wagering in select
sports betting states. As it stands, betting operators like DraftKings Sportsbook, FanDuel Sportsbook, BetMGM Sportsbook and Caesars Sportsbook
have offered limited wagering on the Oscars.

WWE stakeholders believe regulated award-show betting shows the
feasibility of wagering on scripted WWE matches.

WWE, which agreed to merge with UFC parent company Endeavor in April, is reportedly pursuing regulated wagering in Colorado, Indiana and Michigan. However, multiple state gambling regulators disputed the CNBC report that
used anonymous sources.

WWE Statements from Colorado & Michigan
The Colorado Division of Gaming released a statement following the CNBC
report.

“The Colorado Division of Gaming is not currently and has not considered allowing sports betting on WWE matches,” the regulator said. “At no time has any state gaming regulator in Colorado spoken with the WWE about
including wagers on our approved wager list.”

It went on to say that state law prohibits gambling on fixed-outcome
events. Online sportsbooks in the Centennial State can’t accept bets on
the Academy Awards.

The Michigan Gaming Control Board followed Colorado on March 9 with a
press release dismissing WWE’s reported attempt to enter the state
gambling market. The Wolverine State regulator stated it had no “direct communications” with WWE regarding sports betting.

“Any request for inclusion in Michigan’s Sports Wagering Catalog must be submitted to the MGCB by a Michigan-licensed operator or platform
provider, and the agency has not received a formal request regarding WWE
events wagering,” MGCB executive director Henry Williams said in the announcement. “The WWE should work with the gaming industry if it wishes
to bring a proposal before the MGCB.”

According to Williams, a third-party consultant approached the MGCB “more than a year ago” about a proposal to add WWE events to the wagering
catalog, but the agency received no further information.

The Indiana Gaming Commission didn’t respond to the report.

The regulated U.S. sports betting industry is still nascent. It’s only
been about five years since the first state took bets following the U.S. Supreme Court overturning the federal prohibition on states legalizing
and regulating sports betting within their borders.

As sports betting evolves, fixed-outcome betting could expand. But based
on the regulators’ statements, Michigan is more open to fixed-match
betting than Colorado.

More than 30 states in total have some form of legal and regulated sports gambling.

WWE Leaks & Other Challenges
Sports bettors are currently unable to bet on WWE-produced events
legally. Should the company hope to offer sports betting markets, it will
have to address a few issues.

First—and perhaps most concerning from a regulation perspective—is that individuals inside the company will know the match outcomes.

To combat this, WWE would need to lock in outcomes months in advance.
From there, the organizer will keep wrestlers and event producers out of
the loop until hours before the event.

Yet, that still leaves the door open for scriptwriters and executives
with knowledge of the outcomes to make wagers. Sportsbooks could place
wagering limits on these events to reduce exposure to losses. The NFL
Super Bowl, for example, sees six- and seven-figure bets. The WWE would
be capped at much less.

For WWE fans, another potential roadblock exists. Even if regulators
approve professional wrestling for wagering, sportsbook operators aren’t required to offer markets.

If operators deem the risks higher than the potential gains, they could
opt not to introduce markets on their platforms. However, WWE is popular,
and the sports betting industry is competitive with regard to acquiring
new customers.

read more at:
https://www.forbes.com/betting/novelty/wwe/

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)