Caesars Entertainment announced today that they are selling their iconic World Series of Poker brand to the owners of online poker giants GGPoker in a deal worth $500million. The news, a closely-guarded secret in the poker industry, comes just two weeks after the culmination of the biggest WSOP in history.
Half a billion dollars – Half now, half later
The deal between Caesars and NSUS Group Inc. will see Caesars receive $250million in cash and a “promissory note” for another $250million in return for the intellectual property rights of the WSOP brand.
That second instalment is due to be paid five years after the deal goes through and the total represents a ten-fold increase on when Harrah’s bought the WSOP back in 2004 for just $50million.
WSOP in Vegas “for the next 20 years”
However, the press release from Caesars announcing the historic deal also reveals that “Caesars has secured the right from NSUS to continue hosting the WSOP’s flagship live tournament series at its Las Vegas casinos for the next 20 years.
In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit (WSOP-C) events going forward.”
Exhilarating journeys await 🤝! https://t.co/cb7mgpUEU7
— GGPoker (@GGPoker) August 1, 2024
“Longstanding and successful partnership with GGPoker”
Eric Hession, President of Caesars Digital, said of the deal: “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand.”
He added: “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.”
NSUS to “expand WSOP worldwide”
Michael Kim, Chief Executive Officer of NSUS Group Inc. stated: “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 added: “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.”
Who are NSUS?
NSUS Group Inc. are a leading business consultancy and investment group in the iGaming space, with headquarters in Canada and offices in Dublin, Seoul, Isle of Man and Malta.
NSUS are the company behind GGPoker – the “innovative online poker room” – and the deal looks likely to greatly enhance their online offerings.
The essence behind the wording of the press release is revealing: “Caesars Digital will also receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future…”
It continues: “… but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions.”
Will GGPoker be the Future of Online Poker in the USA?
GGPoker and the WSOP have been closely related since 2020, when GGPoker hosted the WSOP online bracelet series. Today’s announcement appears to set the scene for GGPoker to eventually make inroads in the USA itself, negotiating a notoriously difficult legislative and regulatory path
In an interview earlier this year with Poker Industry PRO, GGPoker’s Global Managing Director Sarne Lightman stated: “While we are less obviously active in the US as we are in other markets, we are certainly working on it, and you can expect us to share some news on this front soon.”
Lightman added: We know we need to step in and take an active leadership role in the market to help guide its future,” and today’s announcement could well be the first big step in that direction.
As this is essentially ‘breaking news’, VIP Grinders will be taking a more in-depth look at what this will mean for online players over the coming days, so watch this space.
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