There Is No Possible Way WWE Can Legalize Betting On Matches
WWE execs reportedly have cited Oscars betting as a template
WWE reportedly is seeking to get in on the sports betting market.
CNBC's Alex Sherman reported Wednesday the company "is in talks with state gambling regulators in Colorado and Michigan to legalize betting on high-profile matches."
"WWE is working with the accounting firm EY to secure scripted match results in hopes it will convince regulators there's no chance of results leaking to the public," Sherman wrote. "Accounting firms PwC and EY, also known as Ernst & Young, have historically worked with award shows, including the Academy Awards and the Emmys, to keep results a secret."
Betting on the Oscars is legal at sportsbooks like DraftKings and FanDuel, but it's availability is dependent on the state. WWE executives reportedly cited betting on the Academy Awards to convince regulators betting on scripted matches is safe.
Sherman correctly noted the results of the Oscars are publicly announced, and the voters are not script writers or planning out the winners in advance.
Betting on WWE matches has been available on off-shore markets, but if the company's bid is successful, it would open the door to betting on other scripted series.
WWE has a history of a lack of long-term storytelling -- The Bloodline storyline would be an exception -- but if gambling were involved, things would have to change for chief content officer Paul "Triple H" Levesque.
"In discussions about how gambling on wrestling could work, WWE executives have proposed that scripted results of matches be locked in months ahead of time," people familiar with the matter told Sherman. "The wrestlers themselves wouldn't know whether they were winning or losing until shortly before a match takes place, said the people."
Even if Levesque and his team were somehow get major storylines worked out months in advance, it would be a logistical nightmare to keep those plans under wraps for that long. There already have been multiple rumors surrounding WrestleMania 39 regarding who or who will not be at the event.
WWE does have a partnership with DraftKings that began in 2021, but that is for it's free-to-play pools. Throwing down $100 or more on a WWE Championship match would be a different story.
There might have to be limits set on how much you can bet, but how would handicapping a match work? How would an oddsmaker determine the right line for the Roman Reigns versus Cody Rhodes match?
There just are too many hurdles and questions for this to even work.
But WWE is determined to expand its revenue streams and enter other markets, like its Puerto Rico show in May, and it's multiple shows in Saudi Arabia.
This all comes as the company might be up for sale. Though, majority owner Vince McMahon reportedly wants $9 billion, and he has faced multiple sexual misconduct and assault allegations. So there is no guarantee a transaction would take place.
