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WWE has been a very popular pastime for viewers all over the world. However, unlike other similar events, you couldn’t bet on the outcome of WWE matches. This is because they are technically not sports events, but scripted fights.
This is about to change since WWE is in talks to legalize betting on their matches. This is causing some controversy in the betting community and with the fans. However, there are many similar events that you can bet on and WWE hopes to provide a fair and interesting betting opportunity to everyone involved.
Who’s in Charge?
The talks are in progress, between WWE and the betting regulators. The decision to allow or prohibit betting is on the regulators, now that WWE has already agreed to take this route. The issue arises with the certainty of the outcome. WWE events are scripted and the winner is decided beforehand, meaning that there’s no risk and uncertainty of outcome involved.
The regulators have already allowed similar events if the general public isn’t aware of the outcome beforehand and if they can bet freely.
Betting on Academy Awards
Betting on the Academy Awards is already legal and quite popular. The outcome of the Oscars is also decided before it happens and there’s a small group of people that know who will win the Oscars before the rest of us. As long as that information is kept secret and they are not allowed to bet, it’s legal to bet on the outcome of the Academy Awards.
WWE cites this as an inspiration as to how betting on their events would look like. It’s a matter of finding the proper procedure that will keep the results hidden and the betting fair.
Which States May Allow Betting on WWE
At this point, WWE is targeting Michigan, Colorado, and Indiana as the first state that will allow betting on their events. WWE has also started the legal process by registering with the proper institutions in Indiana. These are obvious choices because regulations in these states allow for such a move and WWE is popular with their residents.
If WWE registers and starts allowing bets on their events in these states, chances are that there will be more states to follow. WWE is popular all around and so is betting.
The Rise of Innovative Online Betting
WWE plans to go into betting on events, at a time of a great rise of innovative online betting. Cryptocurrency casinos are especially popular, as they allow anonymous online gambling and quick money transfers. The most cryptocurrency is Bitcoin, but WWE will probably open up their bets for many other smaller ones so that they can increase the pool of players.
Many new casinos are offering new currencies and they’ll probably pick up new betting opportunities as well, such as betting on WWE events. Therefore, if Stake casino is worth the hype and it picks up a lot of new players, it will be a good contender to host WWE event bets.
How Will WWE Guarantee Secrecy
The best way for WWE to legalize betting on its event is to guarantee that no one will know the outcome of the scripted events before they are broadcast. Again, they are taking the queue from the Oscars and using the services of an accounting agency to do so.
Accounting firms PwC and EY, also known as Ernst & Young, have worked with the Academy Awards and they’ve been approached by WWE to do the same for them. None of the agencies were available to comment further.
Changing the Format
To allow gambling on WWE events, how the events are produced needs to change. This means that the outcome of the events needs to be determined in advance. Depending on how long the players have to bet on an event, WWE will need to have the outcome ready, as soon as the bets are available.
This will change the production process as there will be much less chance to improvise and decide on the outcomes at the last minute. It’s a change WWE is willing to make in order to allow betting.
Who Gets To Know?
The biggest question remains, who gets to know how the WWE event will play out? For the most part, chances are that WWE will model their approach to that of the Academy Awards. This leaves a very small circle of people in the know.
The writers that script the events will have to know and so will the production team, the same goes for the gambling regulatory agencies. In the end, the betting sites will also be familiarized with the result of the WWE events as soon as bets are open.
New Fans
There’s already a large fan base for WWE, but betting could increase it and introduce new viewers to the world of wrestling. Many players watch the events just for the betting itself and it does add an additional layer of excitement to it. This is especially true for younger players that are used to online betting.
Young players are especially interested in betting using cryptocurrency casinos since it’s a way to bet fast, safely, and without having to provide any of your personal data. WWE is looking to expand to this market in particular.
Changes in the WWE Administration
This change in approach to gambling comes as a part of a shakeup in WWE leadership. Paul Levesque, whose wrestling name is Triple H, took over as head of WWE’s creative operations from Vince McMahon in July. McMahon stepped down as WWE chairman and CEO last year amid sexual misconduct allegations but returned to the WWE board in January as executive chairman to prepare the company for a sale process.
This new leadership has a proactive and creative approach to content and storylines in particular. Betting is just a small step in changing WWE and bringing a new audience with new interests.
How it will affect the Entertainment Industry
Chances that the introduction of betting on WWE events can change the entertainment industry more broadly. As of now scripted events weren’t up for betting since there was no uncertainty as to how the event will turn out. Other scripted events may follow along.
For instance, many long-running TV shows may end up allowing bets on which character may die or which two popular characters may start a romance. It’s something that the industry was trying to introduce for years. If it’s able to simply prove that the outcome will remain a secret for the general public it may just work.
To Sum Up
WWE is planning to allow gambling at their events. This is a novelty since the events are scripted and there’s no uncertainty and risk about the outcome. However, there are other such events that you can bet on, such as The Academy Awards.
WWE is going to change how they script their events so that the outcome is known far in advance. That way the players can bet on them, months in advance. They are also going to take steps to make sure that the outcomes remain secret to the general public. It’s a way for WWE to expand to a new and larger fan base.
