It's "Sport's Entertainment". The way I see it:
The "Sport" comes from the obvious competition. However, the "Entertainment" comes from the storylines, and the fact that everyone know's it scipted.
So the sport side of it (the competition) doesn't come from actually winning the match, but how great you can make that match be.
I guess that doesn't really answer your question to well. But if I had to give a simple yes/no answer I'd go with yes, pro wrestling is a sport.
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