Trying to guess who will win any particular pro wrestling match is one of the main aspects of being a fan. And much like with other sports, you might be tempted to put your money where your mouth is and bet that you have the best prediction skills, be it in a WWE Fantasy League or even just sitting around with your buddies watching the show.
But when it comes to WWE and sports entertainment in general, betting on the results of the matches isn't as mainstream as with other sports. It's an entirely different animal to bet on the Super Bowl or World Series compared to the predetermined matches you see on Monday Night Raw, Friday Night SmackDown and pay-per-views like WrestleMania 39 coming up this April 1st and 2nd.
However, all of that may be changing soon, with recent reports that WWE is looking into legalizing betting in 2023.
Here, we'll discuss what legalizing betting could mean for WWE as an entertainment company—how it could bring new opportunities for fans and potentially open more avenues for revenue, but also, how some serious ethical and moral considerations need to be dealt with along the way.
Overview of the Proposed Legislation
WWE is in talks with state gaming regulators about authorizing betting on high-profile contests, according to people familiar with the matter.
According to insiders who asked not to be named because the talks are private, WWE is collaborating with the accounting firm EY to protect staged match outcomes in the hopes of persuading regulators that there is no chance of results leaking to the public. Accounting firms PWC and EY, previously known as Ernst & Young, have long worked with award events, like the Academy Awards and the Emmys, to keep outcomes confidential.
Though most states forbid it, betting on the Academy Awards is presently permitted and available via a variety of sports betting sites.
Even if authorities permit gambling, betting companies must assess if they are willing to place bets on WWE events. Such discussions, according to individuals familiar with the matter, have yet to take place at betting businesses.
A WWE spokesperson declined to comment. EY's spokesperson could not be reached immediately for comment.
On the surface, legalizing betting on WWE events could be a win for the company. It would open up more opportunities for fans and generate extra revenue from betting taxes – but that still leaves many unanswered questions.
In the meantime, you can still bet on your favorite sports – and now you may soon have a chance to bet on WWE matches as well. Will you put your money down when betting is legalized? Only time will tell!
Pros of Legalizing Betting on WWE Events
Legalizing betting on WWE events could open up a number of new opportunities for the entertainment company. For starters, it could provide a way to monetize existing fan bases, as well as attract even more viewers to the product. The potential revenue increase from fans placing bets on matches would be significant, especially for big-ticket events like WrestleMania or SummerSlam.
On top of that, legalizing betting on WWE events could also lead to new ways of engaging viewers - such as offering unique wagering options or promotions. This could create an exciting and thrilling atmosphere in arenas and broadcast matches alike. It could also give wrestlers and storylines more purpose, as they would become even more meaningful when real money is at stake with each match outcome.
Cons of Legalizing Betting on WWE Events
There are some downsides to consider if WWE were to make betting on their events legal. Aside from the moral and ethical implications of encouraging gambling, it could lead to an increase in crime-related activities around the event itself. It has been recorded that illegal betting rings influence professional sports, leading to match-fixing and other fraudulent activities, which could damage the trustworthiness of WWE and its brand.
Another potential con is the risk of legal complications. Although several states are open to the idea of legalizing betting on WWE matches, many others remain uncertain as to how it will impact existing laws and regulations. This could lead to costly legal battles with various gaming authorities, which could put a strain on the company’s resources and time.
Finally, the legalization of betting on WWE events could have negative moral implications. For many people, watching wrestling is seen as a form of entertainment rather than a real sport with serious monetary stakes. As such, introducing money into the equation could potentially change the entire viewing experience for some fans.
WWE's Most Popular Betting Markets
As the legalization of betting on WWE events is still being debated, it's difficult to predict which types of wagers will be available.
Match Winners
Sportsbooks will likely offer straightforward winner-takes-all bets on matches and championships, as well as prop bets. Although these may not provide the most exciting betting opportunities, they are easy to understand and can help build a steady fan base for betting markets.
Method of Victory
These bets allow bettors to wager on how a match will end, such as pinfall, submission, disqualification, count-out, etc. This type of betting can be quite profitable for knowledgeable fans who have a good understanding of the rules and have done their research.
Prop Bets
Prop bets are always popular in other sports, and they could become even bigger when it comes to WWE. These would include creative wagers such as who will be the first to hit their finisher, which wrestler will score the pinfall for their tag team, and even the #1-30 entrants of the Royal Rumble or the order of the Elimination Chamber competitors. These types of bets can add an extra layer of excitement to wrestling and make it even more thrilling for viewers.
Futures
Futures bets would allow fans to bet on long-term outcomes, such as who will win a certain championship or which wrestler will be inducted into the Hall of Fame. Because of the large time between the bet being placed and the outcome occurring, there is usually more value to be had with future bets than with other WWE betting odds.
Responsible Gambling Practices
If WWE does decide to move forward with legalized betting, it is important to consider the importance of responsible gambling practices. While the potential revenue increase from fans placing bets on matches could be significant, it is also important to remember that gambling should always be approached responsibly and safely. To ensure this, WWE should look into implementing a few key measures.
First and foremost, the organization should set up an age-verification process for anyone who wishes to bet on their events. Setting an appropriate age limit will go a long way in keeping minors away from gambling activities.
Additionally, WWE should also make sure that any licensed sportsbook operators offer responsible gaming information and resources for people who may have difficulty controlling their spending or may even be at risk of developing a gambling addiction. WWE should also consider putting in place limits on how much people can bet per day or week. This would help keep the focus on the entertainment aspect rather than turning it into a cash cow where people are incentivized to gamble excessively. Additionally, they could also offer voluntary self-exclusion programs where players can register if they suspect they are losing control of their gambling habits. Responsible gambling practices will not only help protect fans from potential risks related to excessive betting but can also serve as a safeguard for WWE itself.
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