WWE Pursuing Licenses for Sports Betting in Colorado and Michigan
The pro wrestling giant, WWE, seems to be in talks with gaming authorities in Colorado and Michigan regarding the prospect of incorporating their scripted matches into the roster of sports betting options in these states. As reported by CNBC, this potential move is said to be in collaboration with accounting heavyweight, Ernst & Young (EY), who are focusing on methods to secure match results until odds are established and accessible to bettors.
It's unclear why Colorado and Michigan are the chosen states, other than the fact that they are two of the rapidly expanding sports wagering markets in the U.S. The proposal of WWE betting in Colorado sparked humorous remarks on Twitter about the sports entertainment company potentially eyeing bettors who are fans of obscure sports like global baseball and table tennis.
However, neither the Colorado Division of Gaming nor the Michigan Gaming Control Board have mentioned any plans regarding WWE betting. The Michigan Gaming Control Board publishes a catalog of possible betting options, but approval is not guaranteed.
Currently, the Michigan catalog includes the American Ultimate Disc League, the Academy Awards, drone racing, college hockey, lacrosse, and softball among other niche categories. The possibility of accessing these offerings in regulated markets isn't certain.
WWE's Sale Ambitions Could Drive Sports Betting Interest
There's speculation that the WWE's interest in legal sports wagering might stem from the company's ambitious sales efforts. Former chairman and CEO, Vince McMahon, stepped down from his positions last year due to sexual misconduct allegations but returned as executive chairman in January to prepare the company for acquisition. There's talk of McMahon aiming to fetch $9 billion from the deal, but he might be prolonging the sale intentionally.
Potential bidders include UFC parent Endeavor Group Holdings, Inc., Formula One owner Liberty Media, Amazon, Disney, and Fox, among others. Only Endeavor and Fox have direct connections to sports wagering, though Disney has more passive relationships with it.
At this stage, it's purely speculative whether sports betting is a draw or a deterrent for companies considering a takeover of the WWE.
WWE Trying to Draw Parallels with Award Show Betting
The WWE is attempting to draw parallels between betting on their scripted events and award shows such as the Academy Awards and Emmys, pointing out that accounting firms like EY and PwC oversee the tabulation of votes for these awards.
In fact, betting on the Oscars was allowed in New Jersey in 2019, and states like Colorado and Michigan have since followed suit.
However, there's a significant difference between betting on awards shows and the WWE. While the winners of Emmys and Oscars are decided before the shows take place, scripting isn't involved in that process. On the other hand, WWE match outcomes, particularly at major events like Wrestlemania, are decided weeks or even months in advance, which could be a cause for concern for regulators prioritizing betting integrity.
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