Caesars Entertainment is selling the World Series of Poker to a Toronto-based iGaming investment group for $500 million.
The deal to the NSUS Group, the investment company that owns GGPoker and other online gambling sites, is for the intellectual property rights for the WSOP. The NSUS Group agreed to pay $250 million in cash, with the rest coming in five years.
“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,” said Michael Kim, Chief Executive Officer of NSUS Group. “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.”
Series staying in Las Vegas
As part of the agreement, the WSOP will continue hosting the WSOP’s summer slate at its Las Vegas casinos for the next 20 years. Caesars will also continue using WSOP branding at its brick and mortar casinos, and “will continue to enjoy preferential rights to host live WSOP Circuit events going forward,” according to the press release.
But since GGPoker operates globally, expect many more events — both live and online — to be spread throughout Asia, Europe, South America, and Canada. GGPoker is already the home to WSOP events and satellites, and it is certain it will leverage its newly-acquired brand as the largest online poker site in the world.
Future of WSOP Online in U.S.?
Kim’s statement wasn’t only about WSOP’s live events. The deal includes the WSOP Online sites owned by Caesars Digital that operate in Nevada, New Jersey, Michigan, and Pennsylvania.
Caesars Digital will continue operating the online rooms “for the foreseeable future, 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.”
Here’s guessing that NSUS Group is anticipating the rooms will be forced to temporary shutter as licensing in the four jurisdictions and the Multi-State Internet Gaming Agreement — which allows the WSOP to share the player pools in New Jersey, Michigan and Nevada — is sorted out.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said Eric Hession, President of Caesars Digital. “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.”
The deal is expected to be finalized before the end of the year.
Not the first time
Caesars, then known as Harrah’s, bought the WSOP and Horseshoe brand in 2004 for $50 million after the Binion family lost control of its casino and was forced to sale. The timing of the sale couldn’t have been more perfect. Chris Moneymaker won the Main Event in 2003, and the poker boom was in full swing.
Harrah’s moved the WSOP off the Strip to the Rio in 2005, and it stayed there until moving to the Las Vegas Horseshoe and Paris in 2022.
