Caesars Entertainment announced today the signing of a definitive agreement to sell its intellectual property rights for the World Series of Poker (WSOP) brand to leading iGaming investment group NSUS Group Inc, the parent company of the world's biggest online poker room GGPoker.
The news broke earlier today via a press release from Caesars, which included a breakdown of the sale's $500,000,000 total value. The transaction comes in the form of an even split: $250,000,000 in cash and a $250,000,000 promissory note due five year's after the closing date.
That marks over a 10x increase in value in the 20 years since Caesar's bought the WSOP brand.
Notably, as part of the deal, Caesars will retain the right to host the WSOP's flagship series at its Las Vegas casino properties for the next twenty years. Caesars will also continue to feature WSOP branding at poker rooms operated by the company and receive preferential rights to host live WSOP Circuit events in the future.
Additionally, Caesars Digital will receive a license for continued operation of its WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for a specified period of time and subject to certain exceptions.
GGPoker has been working closely with the WSOP over the past few years, with heavy involvement in the international series and the inaugural Paradise festival last December, which was promoted with GGPoker ambassadors.
GGPoker is also the world's biggest online poker room, but doesn't currently operate in the USA.
I had an inkling this was coming for quite a while, and I don't think it's going to have come as a surprise to anyone in the industry. I was very excited to see the headline that the WSOP will stay in Las Vegas, with GGPoker being an overseas company. And they're massive. Their velocity in the space is second to none, so we'll see what happens with the biggest brand that we've got.
A win for both sides
Both sides have expressed excitement about the news.
Eric Hession, President of Caesars Digital, 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.”
That sentiment was echoed by the CEO of NSUS Group, Michael Kim: “After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand.”
Kim continued, expressing NSUS Group's desire to grow the WSOP brand beyond its already-impressive reach.
“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.”
The sale remains subject to customary regulatory approvals and other closing conditions, but is expected to close prior to the end of 2024.
Players respond
The poker community has been quick to respond to the breaking news of the day. GGPoker Ambassador and WSOP legend Daniel Negreanu was quick to acknowledge the developments.
Kevin Mathers, Poker Information Manager for GPI/The Hendon Mob, shared his predictions for the future, and that included GGPoker getting more involved in the US.
Landon Tice was particularly happy to hear the WSOP would remain in Las Vegas for the next 20 years.
Jesse Lonis is very positive about the future of the WSOP under GGPoker ownership. He said "poker is in great hands."
Poker agent Brian Balsbaugh called it "enormous news in the poker world."
Patrick Leonard offered his positive outlook on the situation, writing, "GG buying WSOP is one of the best pieces of news I've seen in poker for a long time."
We'll keep you up to date with the very latest developments. What do you make of the deal? Let us know in the comment section below.
