TAMPA, Fla. (WFLA) — WWE wants to convince state regulators to legalize betting on its scripted wrestling matches, according to a report from CNBC.
Multiple sources familiar with the situation said WWE is working with accounting firm Ernst & Young (EY), hoping to show regulators that the pre-determined outcome of matches will be kept secret.
WWE is looking into legalization in Colorado, Michigan and Indiana, the sources told CNBC. The company already registered with the Indiana Gaming Commission. A spokesperson for the Colorado Division of Gaming told CNBC it has not considered – and does not plan to consider – allowing betting on WWE matches.
The entertainment company cited the Academy Awards as an example of legal betting on non-sports events, the sources told CNBC, and EY has also worked with the Academy to secure their results. While a small group of people know the results ahead of time, they aren’t scripted by a group of writers like a WWE event is.
WWE executives have floated the idea of locking in match results months in advance, according to the CNBC report. The wrestlers would not know who was scheduled to win or lose until the day of the match, the sources said.
The company’s reported venture into sports betting follows a series of shakeups with WWE’s executive team. In January, former CEO Vince McMahon returned to the company’s board of directors six months after being ousted due to an internal investigation that found he spent millions in alleged hush money to cover up sexual misconduct allegations.
In documents filed with the SEC in January, McMahon indicated he was returning to the company to oversee “upcoming media rights negotiations.” Shortly after his return, rumors of a potential sale of WWE to Saudi Arabia circulated, causing their shares to spike as high as 7% before the news broke that it was merely speculation.
WWE is still pursuing a sale, according to CNBC. Two sources told the outlet that the company will begin meeting with potential buyers next month.
