The awarding of event rights is an integral element of large-scale event hosting. While formalised regulations often act as a coordination mechanism to ensure events are implemented in accordance with strict parameters, how the formalised regulations of event rights owners influence the ability of host cities to leverage and benefit from events is unclear. Through 19 in-depth interviews, this study investigates how formalised regulations of the International Cricket Council (ICC) influenced how two host nations, Barbados and Jamaica, leveraged the 2007 ICC Cricket World Cup. Results revealed that the formalised environment limited the benefits to host countries, but leveraging was still possible. Some stakeholders pushed back against the restrictions to secure targeted benefits from the event. Significantly, these benefits continue to contribute to local economies 10 years after the event. A grounded theory model demonstrates how formalised regulations influence host destinations’ efforts to leverage benefits from an event.