TKO President and Chief Operating Officer Mark Shapiro has confirmed that the WWE will not allow legalized betting on its events, citing issues with keeping its storylines under wraps.
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Shapiro recently appeared on CNBC Sports videocast and confirmed to journalist Alex Sherman that, after heavy speculation, TKO has decided not to move forward on WWE partnering with gaming networks and promoting betting on matches.
CNBC Sport videocast:
TKO Group COO Mark Shapiro tells me why he thinks Netflix could be a UFC media rights bidder, what Vince McMahon told him at breakfast a few weeks ago, and why WWE won’t be pursuing sports betting after all.
Watch here: https://t.co/qbFESZsMyd
The TKO president explained that, unlike traditional sports like the NFL or MLB, the fact that WWE events are largely pre-planned makes it unfeasible to have them be better on.
"Not happening. It's not happening," Shapiro said. "We're scripted. Look, years ago I ran Dick Clark Productions. We had enough challenge keeping the American Music Awards and the Golden Globe winners under wraps with an auditor that was there."
Shapiro continued, "We're not going to be asking Triple H—Paul Levesque, who runs our creative—to keep his scripts so under wraps that we can start sports betting. It just doesn't jive."
Just a generation ago (in the world of professional wrestling), it would have been unthinkable for the WWE to de facto break kayfabe (the tradition of pretending that staged wrestling theatrics are genuine) on a major news outlet.
However, things have changed a whole lot in recent years, with widespread awareness of the staged elements of matches in the public.
Legalized sports betting has become a huge economic power in America in the last decade, with 38 states (plus Washington D.C. and Puerto Rico) passing legislation allowing it. The field is dominated by online bookmakers like FanDuel and Sports Draft Kings, making it easier than ever for Americans to gamble.
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The American Gaming Association reports that gross gaming revenue from sports betting—which is the total amount wagered minus the winnings—reached a record-breaking $10.9 billion in 2023, surpassing the previous record set in 2022. In total, Americans placed nearly $120 billion in wagers at legal sportsbooks last year, a significant increase from the $93 billion wagered in 2022.
Major sports leagues like the NFL, NBA, and NHL all allow highly regulated betting on games, although the rules regarding that are constantly being revised from state to state to avoid manipulation of events.
Given that the WWE is entirely staged, it seems they just don't want to risk having to constantly have every storyline under complete lockdown to avoid legal issues.
For more on the WWE, head to Newsweek Sports.
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