It seems they do. But I think its more of a numbers game, as they will be taking bets on many wrestlers and they would not take to large a bet on any single wrestler. Bookies will take bets on pretty much anything.
I remember wrestling in the days of the Bushwackers, Brutus the barbar beefcake, Macho man Randy Savage, Ultimate warrior etc
It was like finding out that Santa wasn't real(allegedly) when I found out it was all put on