Caesars Entertainment announced today that it has reached an agreement to sell the World Series of Poker (WSOP) brand. The new owner of the brand will be NSUS Group Inc., the same investment group that owns GG Network and its skins, such as GGPoker, PokerOK (Russia), and Natural8.
The transaction will be worth $500 million, with $250 million paid upfront and the remaining $250 million five years later, after the complete acquisition of all WSOP intellectual property.
However, Caesars has secured the right to continue hosting the series at its Las Vegas casinos for the next 20 years. The group's poker rooms that already carry the WSOP brand will continue to display it, and Caesars properties will have first dibs on hosting the WSOP circuit events, the WSOPC.
Another important point for the casino chain is that they will continue to be able to explore the WSOP Online brand in four states in the United States: Nevada, New Jersey, Michigan and Pennsylvania, with some rules predetermined by the NSUS group.
Eric Hession, President of Caesars Digital, said: “We have enjoyed a long and successful partnership with GGPoker, which has further fueled the growth of the WSOP brand in the United States and around the world. We can’t wait to see what NSUS has in store to grow the WSOP poker legacy, and we look forward to continuing to deliver an unparalleled experience for poker players in the future.”
NSUS Group CEO and GGNetwork stalwart Michael Kim also welcomed the acquisition: “After years of collaboration with Caesars Entertainment, NSUS/GGPoker Group is thrilled to announce its new role leading the WSOP, the world’s most renowned poker brand. We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for the WSOP, ensuring players have an increasingly enhanced, secure and seamless poker experience. Under NSUS’ new leadership, we will expand the WSOP brand to every corner of the globe, positioning it at the forefront of poker’s growth.”
The sale is still subject to regulatory approvals but is expected to close before the end of 2024.
Earlier in March, another poker brand, partypoker, was up for sale.
The Price of Buying the WSOP Brand
The sale comes shortly after the World Series of Poker broke virtually every field, attendance and prize pool record for two years in a row, particularly in the $10,000 Main Event, prompting many internet users to question the value of the transaction.
Caesars Entertainment has owned the rights to the brand since January 2004, when it purchased Binion's Horseshoe casino for an undisclosed amount at the time. That year, Binion's closed after failing to honor its employees' financial obligations, such as pension funds and other labor rights. In the purchase, Caesars (then Harrah's Entertainment Inc.) secured the rights to both the Horseshoe name in Las Vegas and to exploit the WSOP brand.
In 2005, the WSOP began to be held at the Rio casino, outside the famous Las Vegas Strip, but with rooms that could accommodate the number of players that had been increasing since the “Moneymaker Effect” in 2003. The WSOP brand became increasingly stronger, creating new branches, such as the WSOP Circuit (WSOPC), WSOP Europe (WSOPE) and WSOP Online.
In 2023, the WSOP returned home (and to the Strip) with the reopening of the Horseshoe, which took the place of Bally's.
After nearly 20 years of growth and success, it’s no surprise that the $500 million figure has scared some people, especially since the Caesars Group has an annual revenue of over $10 billion. For example, the WPT brand, which had lost a lot of strength by 2021, the year it was sold, was sold for around $80 million. However, what many didn’t take into account is that the group will still explore the brand in online tournaments and cash games and will also be responsible for hosting the WSOP for the next 20 years.
WSOP and GGPoker Partnership
When the COVID-19 pandemic hit the world in 2020, GGPoker was responsible for the WSOP Online, and two years later it became the largest poker operator in the world, with a long way to go for second place.
Under GGPoker's sponsorship, the WSOP field has grown significantly, as has the number of bracelets offered online. Through its satellites, GGPoker has brought a record number of players to the Main Event, as well as facilitating the registration of $10,000 directly through the site. GGPoker has also created a player lounge inside the Horseshoe and imported events from online to live, such as the Flip and Go.
With GGPoker, the WSOP also created the WSOP Paradise, a high-end event held in the Bahamas. In its second year, the WSOP Paradise was announced as a stop on the Triton Poker Series, the world's premier high roller tournament series, which is also sponsored by GGPoker.
