Prior to WWE’s collaboration with renowned online bookmaker DraftKings, wagering on WWE events was prohibited under American gambling laws. Instead, the website provided free-to-join betting pools where winners would receive a percentage of a pre-determined prize.
But WWE is currently in discussions to amend that with state gaming authorities. A report claims that representatives of WWE are currently speaking with gaming regulators in Colorado and Michigan to allay concerns about betting on a predetermined entertainment event. Officials from the gaming industry are said to have spoken with WWE about locking in the outcomes of its high-end live events months in advance.
WWE is working with the accounting company Ernst & Young, well-known for aiding in the tabulation and security of results for the Emmy Awards, to convince regulators that it will keep all results private from parties outside the company—not even the wrestlers themselves. The states of Colorado and Michigan, among others, permit betting on the Academy Awards. The announcement comes as WWE tries to position itself as enticing to potential customers.
WWE Sale Update
In order to aid in a sale, the company’s chairman, Vince McMahon, took a brief leave of absence earlier this year. For many years now, Vince McMahon has been associated with WWE. He is the main shareholder in the business and has held the offices of chairman and CEO. Up until recently, McMahon never considered parting with his beloved enterprise. Yet, according to current sources, he has set a price of $9 billion and is willing to sell the promotion.
There might be significant incoming changes if he is able to sell his stake of the stocks. If a sale is approved, share prices should increase similarly to how they did after Vince MacMahon returned to the company as Executive Chairman. If Vince McMahon sells WWE, nobody can predict what will happen in terms of the product.
