World Wrestling Entertainment has good reason to seek publicity on the possibility of wagering on staged matches, and it has nothing to do with increasing the company’s market value.
Fans are more invested in the game when they can wager on the outcome. It’s true; ask the National Football League, Major League Baseball, the NCAA, or the ping-pong governing bodies. When spectators can place bets, it’s a win-win for everyone involved.
Massachusetts legalized mobile betting on Friday, but no one there can wager on “Friday Night SmackDown” bouts. “The WWE is not an approved sports league,” the Massachusetts Gaming Commission said.
Authorities in Colorado are unhappy that the idea is even being discussed. “The Colorado Division of Gambling is not now and has not contemplated permitting sports betting on WWE matches,” the organization said. “At no point in time has any Colorado state gambling regulator contacted the WWE to discuss adding wagers to our approved wager list.”
Colorado state law prohibits “wagers on events having fixed or known results or merely by chance,” including the Oscars. In addition to Nevada, seven other states allow for Oscars betting. Live betting is illegal in Indiana and New Jersey, and the amount of money that can be wagered is restricted.
According to Michigan’s gaming control board, the company hasn’t even asked permission to offer its services there. In a public statement, it suggested WWE collaborate with the gaming sector.
That could be more of an obstacle than regulations by gaming regulators.
BetMGM CEO Adam Greenblatt exclaimed, “NFW!” when asked if the company would be interested in taking bets on staged WWE matches.
FanDuel’s answer could have been more public and colorful. Still, a spokeswoman did say that it’s highly improbable that the company, which dominates the sports betting market in the United States, would ever accept a bet.
DraftKings was unconvinced, claiming that authorities should make the decision.
The owner of FanDuel, Flutter Entertainment, has made it clear that the company does not see any parallel between allowing betting on the annual Academy Awards and the magnitude of the WWE’s scripted content, which airs at least twice a week.
Scandal avoidance is of paramount importance at https://wheregamble.com, as one of the legal gambling platforms in the industry. “Both regulators and operators must have faith in the integrity of the competitions,” the American Gaming Association, representing commercial and tribal operators, told CNBC.
Experts in the gambling industry are unconvinced that the potential for low levels of wagering activity on staged events is worth the significant time and effort required.
According to Sharp Alpha Advisors managing director Lloyd Danzig, most industry stakeholders perceive WWE betting as more visually challenging than betting on award presentations.