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WWE is hopeful states will permit its scripted product for wagering
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With a planned acquisition by the UFC, these hopes could become a reality
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BetOnline ranks some UFC events among its most bet on
CNBC's Alex Sherman made a lot of noise a few weeks back after reporting that the WWE was looking to do everything possible in ensuring its scripted product was ready for wagering, even going as far as to suggest they would hire an outside auditing firm to make sure preplanned results stayed sealed.
During a gaming industry panel discussion CNBC's Contessa Brewer asked the CEO of BetMGM his thoughts and he flat out dismissed the idea, using a few choice words we can't publish on this family-friendly website.
Colorado shot down the possibilities after it was named in the CNBC report.
The Colorado Division of Gaming told CNBC it is not currently considering and has not considered allowing sports betting wagers on WWE matches. A spokesperson noted Colorado currently has a statute prohibiting wagers on events with fixed or predicted outcomes, including the Academy Awards.
Michigan, another of the three states named, didn't exactly embrace the idea, but it didn't shut the door to it either.
A state government spokesperson told the outlet that state's Gaming Control Board publishes a Sports Wagering Catalog and any updates to the catalog will be shared with the public. They would not decline whether they have been discussions as it relates to the WWE.
Now comes word that the UFC is looking to combine the WWE and create a $21.4 billion sports entertainment company.
Dave Mason of BetOnline regularly reports that UFC events are among the most wagered on at his company. BetOnline is also among the very few that currently offer betting on WWE matches.
A new proposed publicly traded company will house UFC and World Wrestling Entertainment brands, with Endeavor Group Holdings Inc. taking a 51% controlling interest in the new company. Existing WWE shareholders will hold a 49% stake, according to the AP report. Last year, WWE recorded revenue of $1.3 billion. It had over 7.5 billion digital and social media views this past January.
“Together, we will be a $21+ billion live sports and entertainment powerhouse with a collective fanbase of more than a billion people and an exciting growth opportunity,” Executive chairman at WWE, Vince McMahon, said in a prepared statement Monday.
There has already been some crossover appeal between the two organizations. Brock Lesnar and Ronda Rousey have participated in both.
The new company plans to trade on the New York Stock Exchange.
Some Wall Street analysts are bullish on the move.
“We like the assets of UFC and also WWE in a world where linear TV is losing market share to streaming, thus live sport content is in high demand,” wrote Jeffries analyst Randal Konik.
The state that might be first to offer WWE matches, especially with the promotion joining the UFC....that would be Indiana.
The WWE has already registered with the Indiana Gaming Commission, a move believed to be related to this initiative.
- Aaron Goldstein, Gambling911.com
