Betting on matches was a feature added in September, 2015 to Paper Wrestler. It allows more interaction with the game and involvement in matches where you may have no players and developing interest for all matches and their results.
To bet on a match - it must either be a “Special Event” related to a title (such as top contenders, underdog contenders, etc.) OR it must be a Pay-Per-View match. The match also only have 2 contenders and such Tag Team matches, Triple Threats, etc. may not be betted on.
To bet on a match, simply view the match and scroll to the bottom and select your desired bet while also viewing payouts. Payouts are based purely upon the OVR comparison between the two contenders. If you bet on someone expected to win, the payout is certainly less. If you lose your bet, you lose your bet totally(0 purchase points are returned.) There are achievements in the game also related to gambling introduced with the gambling feature patch.