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Unfortunately, there are no known cheats to allow you to unlock all of the characters without gambling or going through career mode. Listed below are a couple of things that will help you get through the game quicker and enjoy it more:

Northern Lights Suplex glitch[edit]

There is a glitch with the northern lights suplex. If you hold them down for the pinfall when executing the move, you continue to drain their energy and your spirit bar grows as well. You can quickly drain your opponent's energy this way, and build your spirit bar just as fast.

Big John Studd unlimited green coins trick[edit]

Take any wrestler besides Big John Studd through career mode in the Pacific region. Choose any storyline besides "Sensationalized Violence." Once you reach the bodyslam match with Big John Studd, save right before you start the match. Now compete and win the bodyslam match. After you win the bodyslam match, you will be awarded with 35 green coins. You can then quit the match, and exit career mode. When you are asked to save career mode, choose "NO." Reenter career mode and win the bodyslam match again, to get +35 more green coins. Exit career mode without saving again. You can keep doing this as many times as you want. Before you turn off your Xbox, make sure you go into the options menu from the title screen, and save from there. Go into Shop mode and you will notice that you have lots of green coins.