Caesars Sells World Series of Poker Brand To GGPoker Parent Company For $500 MillionWSOP Reportedly Set To Remain In Las Vegas For Next Two Decades |
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The 55th annual World Series of Poker just completed its latest record-setting run in Las Vegas a couple of weeks ago, with more than $438 million in prize money paid out across 99 in-person events this year. The 2024 WSOP officially wrapped up on July 17, just over a fortnight ahead of some massive news impacting the tournament poker juggernaut. On Aug. 1, Caesars Entertainment announced the sale of the WSOP brand to the NSUS Group Inc., the parent company of online poker site GGPoker.
The deal is reportedly worth $500 million, with a payment of $250 million in cash and a $250 million promissory note due five years after the transaction’s closing date. That represents a considerable return on investment after Caesars purchased the series from Becky Behnen, daughter of founder Benny Binion, in 2004 for $44.3 million.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” Caesars Digital President Eric Hession said. “This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker, and we look forward to continuing to deliver an unmatched and familiar experience to poker players going forward.”
Details on the Sale
The purchase doesn’t mean major changes are necessarily in the works. NSUS acquires the series’ intellectual property rights and Caesars retains the right to continue hosting the flagship live tournament series in Las Vegas for the next 20 years. Caesars poker rooms will also continue featuring WSOP branding, and the company will get preferential rights to host live WSOP Circuit events.
Caesars Digital also receives a license from NSUS, which is based in Ontario, Canada, to continue operating its recently upgraded WSOP Online poker platform in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, the company will otherwise be restricted from operating online real-money poker operations for a specified period of time subject to certain exceptions.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand,” NSUS CEO Michael Kim said.
“We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”
Keeping Live Events
The sale may have come as a bit of a surprise to players and some in the industry. The two companies had partnered for the last few years and GG can now more easily leverage the WSOP intellectual property for international expansion.
What that entails remains to be seen, but potentially could include more WSOP online events, more live GG/WSOP series in other parts of the world, and even potentially a GG/WSOP online poker skin as the company did initially after launching in Ontario in 2022.
Caesars management may have seen the deal as a way to capitalize on the brand for a significant cash infusion while still retaining rights to profitable live events.
Caesars CEO Tom Reeg announced on a call with investors this week that this year’s series was the most profitable WSOP the company has ever had. He also noted the WSOP brings in $20 million to $25 million each year with online poker only a small part of that. The deal allows Caesars to keep the profitable live events while allowing GG to harness the brand for online expansion.
Players React
There were mixed reactions to the deal among players, some of whom expressed their thoughts on social media. Some approached the thought of the WSOP changing hands with some trepidation.
“This feels scary,” Canadian bracelet winner Pablo Mariz noted.
World Poker Tour commentator Tony Dunst, who won his third bracelet this summer, had some reservations about Caesars continuing to run live events in the coming years.
Was quite excited for this news until I saw Caesar’s will continue running WSOP for 20 years. Likely means the product will be status quo or maybe even worse, hope I’m wrong. https://t.co/FtkIq0nkku
— TonyDunstTV (@tonydunsttv) August 2, 2024
Others believed the move could be great for the game and series.
“Enormous news in the poker world,” Brian Balsbaugh, agent and head of the Poker Royalty agency, posted on X. “Sea change for the WSOP and its structural incentives.”
As a former PartyPoker sponsored pro, Patrick Leonard outlined some of his thoughts on the sale from his perspective. He believes GG can more effectively market the brand and game around the world and that Daniel Negreanu can play a key role in making that happen.
“Main ambassador (Daniel Negreanu) understands the WSOP brand more than anybody else alive,” he noted, “so will oversee/stop anything happening that damages the brand and will send the brand only in a positive direction.”
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