World Wrestling Entertainment (NYSE: WWE) is looking at making gambling legal on high-profile scripted wrestling matches, CNBC reported on Wednesday. The company that organizes professional wrestling matches is in discussions with gambling regulators in Colorado and Michigan to legalize betting on wrestling matches.
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The report stated that WWE is working with the auditing firm Ernst & Young (EY) to prevent the scripted match results from being leaked to the public. The company has no plans to inform the wrestlers who will win until a few hours before the match.
Analysts are cautiously optimistic about WWE stock with a Moderate Buy consensus rating based on four Buys and three Holds.
