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World Wrestling Entertainment, Inc. WWE has held talks with state gambling regulators in Colorado and Michigan to legalize betting on scripted match results.
What Happened: The professional wrestling promotion is working with accounting company EY (Ernst & Young) to secure the results of scripted matches so as to convince regulators that the outcomes will not be leaked publicly, reported CNBC, citing people familiar with the matter.
WWE and the state regulators did not immediately respond to Benzinga’s request for comment on the development.
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Why It Matters: If gambling is allowed on scripted events, it could also be allowed for similar events such as character deaths in TV series, noted CNBC.
Big accounting firms such as PwC and EY reportedly already work with award shows like the Academy Awards and Emmys to keep results under wraps.
Notably, betting on the Academy Awards is already legal through operators such as FanDuel and DraftKings Inc DKNG.
Allowing gambling could change the way how matches are produced and storylines are created, according to the report.
WWE is slated to meet potential buyers of the company next month in preparation for first-round bids, reported CNBC citing two people familiar with the matter.
In January, WWE CEO Vince McMahon returned to the company after resigning as Chair and CEO in July 2022 after allegations of sexual misconduct arose.
Price Action: On Wednesday, WWE shares closed 0.4% higher at $81.69 in the regular session and gained another 0.4% in the after-hours trading, according to Benzinga Pro data.
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Image and article originally from www.benzinga.com. Read the original article here.