A bold proposal

World Wrestling Entertainment (WWE) has reportedly reached out to gambling regulators in Michigan and Colorado. The wrestling brand is trying to get regulators to allow betting on certain high-profile matches despite the outcomes of these matches being pre-determined.

WWE is working with the accounting and finance firm Ernst & Young

CNBC reported that the WWE is working with the accounting and finance firm Ernst & Young (EY) to put a system in place that means the results of upcoming matches cannot be leaked to the general public. Even the wrestlers would not know the results of the matches until a few hours before the match. The hope is that by implementing such a tight-lipped system, regulators would be more likely to give the green light to the betting proposal.

The potential roadmap

EY has a track record in helping safeguard sensitive information, including working with prominent award shows to stop the results from leaking before the actual event. Some major US sportsbooks like DraftKings and FanDuel accept bets on awards shows like the Academy Awards. No regulated US sportsbooks currently offer real money betting markets for WWE matches, but this is often an option on overseas platforms.

Free-to-play bets on WWE matches are available through certain US sportsbooks. For example, DraftKings has partnerships with both All Elite Wrestling and the WWE through which it offers virtual betting opportunities to fans. People submit their predictions for free and a cash prize will often be available to the best performers.

Facing an uphill battle

Despite reports that WWE has been in talks with certain gambling regulators, it appears the chances of the proposal gaining traction are slim. A Colorado Division of Gaming spokesperson supposedly rubbished the idea of the regulator allowing betting on WWE matches.

They told CNBC that the regulator has not considered allowing this type of wagering in the past and is not currently considering the matter. Betting on events that have predicted or fixed outcomes is not currently legal in Colorado. This includes placing wagers on the Academy Awards.

Michigan does allow betting on awards shows

Michigan does allow betting on awards shows, so the reaction to the WWE’s proposal might not be as negative in the Great Lakes State. Even if regulators do approve this type of wagering, sportsbook operators would still need to decide if they would be happy to provide odds for WWE matches on an individual basis.