GGPoker buys the WSOP (World Series of Poker) for $500,000,000

Author

Vargoso

Published

8/2/2024

Updated

11/2/2024

On August 1, 2024, Caesars Entertainment Holding announced the sale of the World Series of Poker (WSOP) to NSUS Group Inc. for $500,000,000. The new owner is the creator of the world's largest online poker room, GGPoker.

The business of the century

Yesterday, the owner of the World Series of Poker (WSOP) brand issued a historic press release:

Caesars Entertainment has agreed to sell the World Series of Poker (WSOP) brand to NSUS Group Inc (GGPoker) for $500,000,000.

Details of the transaction:

The payment will be divided into two parts. $250,000,000 in cash and another $250M in five-year notes after the transaction's closing date.
Caesars will retain the right to host the WSOP events in Las Vegas for the next twenty years.
Caesars Digital will receive a license from NSUS to continue operating the American market of WSOP.com, although this license has some restrictions, including an expiration date.
Caesars will have preferential rights to host the WSOP Circuit events.

Both companies confirmed on October 28, 2024 that the deal had been successfully completed. Some of the top leaders assumed new ranks at NSUS:

Ty Stewart: Chief Executive Officer of the WSOP
Gregory Chochon: Chief Operating Officer
Eric Eidissen: Communications Manager

With this, GGPoker will take over the world's most famous live poker brand, especially in the United States, and operate the largest poker network.

Management reactions

Eric Hession, president of Caesars Digital, commented on the news:

"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.”

Michael Kim, CEO of NSUS (pronounced as Answers, according to the press release), commented:

“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 emphasized that with the help of the WSOP brand, NSUS Group (GGPoker) would become even more global:

“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.”

Community reactions

Of course, this news shocked the poker community. We highlight the opinions of Patrick Leonard and the manager of The Hendon Mob, and very close to the WSOP, Kevin Mathers:

The British highlighted the advantages of the agreement:

Patrick Leonard Adout Deal Caesars and Nsus

Better opportunities to promote globally and attract new players
Strong stance regarding security in the game
The leading ambassador of GGPoker, Daniel Negreanu, knows the WSOP very well, so he will be able to identify anything that could cause damage to the brand.
To promote the development in the United States of WSOP.com
Potential removal of the administration fee for the global pool
Incredible platform for satellites
An important community of players that can help make informed decisions about the development of the series

Kevin, for his part, published a list of the possible changes that will come in the next few years by way of questions:

Kevin Mathers Adout Deal Caesars and Nsus

Is GGPoker coming to the United States by 2030?
Will GGPoker buy a physical cardroom in California?
Will there be no more WSOP Europe after 2024?
WSOP Series in Asia?
Possible changes in the WSOP management?

From our side, we believe that the most immediate changes would be the launch of stops and series in new regions and countries, the creation of a single American reserve in WSOP.com with the GGPoker software, and its expansion to more states.

We expect exponential growth in traffic to the GGPoker online poker room, especially in tournaments.