The fifty fifth annual World Series of Poker simply accomplished its newest record-setting run in Las Vegas a pair of weeks in the past, with greater than $438 million in prize cash paid out throughout 99 in-person occasions this 12 months. The 2024 WSOP formally wrapped up on July 17, simply over a fortnight forward of some huge information impacting the event poker juggernaut. On Aug. 1, Caesars Entertainment introduced the sale of the WSOP model to the NSUS Group Inc., the dad or mum firm of on-line poker website GGPoker.
The deal is reportedly value $500 million, with a fee of $250 million in money and a $250 million promissory word due 5 years after the transaction’s time limit. That represents a substantial return on funding after Caesars bought the collection from Becky Behnen, daughter of founder Benny Binion, in 2004 for $44.3 million.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” Caesars Digital President Eric Hession mentioned. “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.”
Details on the Sale
The buy doesn’t imply main adjustments are essentially within the works. NSUS acquires the collection’ mental property rights and Caesars retains the correct to proceed internet hosting the flagship reside event collection in Las Vegas for the following 20 years. Caesars poker rooms can even proceed that includes WSOP branding, and the corporate will get preferential rights to host reside WSOP Circuit occasions.
Caesars Digital additionally receives a license from NSUS, which relies in Ontario, Canada, to proceed working its not too long ago upgraded WSOP Online poker platform in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, the corporate will in any other case be restricted from working on-line real-money poker operations for a specified interval of time topic to sure exceptions.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand,” NSUS CEO Michael Kim mentioned.
“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.”
Keeping Live Events
The sale might have come as a bit of a shock to gamers and a few within the trade. The two corporations had partnered for the previous few years and GG can now extra simply leverage the WSOP mental property for worldwide enlargement.
What that entails stays to be seen, however doubtlessly may embody extra WSOP on-line occasions, extra reside GG/WSOP collection in different components of the world, and even doubtlessly a GG/WSOP on-line poker pores and skin as the corporate did initially after launching in Ontario in 2022.
Caesars administration might have seen the deal as a strategy to capitalize on the model for a big money infusion whereas nonetheless retaining rights to worthwhile reside occasions.
Caesars CEO Tom Reeg introduced on a name with buyers this week that this 12 months’s collection was probably the most worthwhile WSOP the corporate has ever had. He additionally famous the WSOP brings in $20 million to $25 million every year with on-line poker solely a small half of that. The deal permits Caesars to maintain the worthwhile reside occasions whereas permitting GG to harness the model for on-line enlargement.
Players React
There have been blended reactions to the deal amongst gamers, some of whom expressed their ideas on social media. Some approached the thought of the WSOP altering fingers with some trepidation.
“This feels scary,” Canadian bracelet winner Pablo Mariz famous.
World Poker Tour commentator Tony Dunst, who received his third bracelet this summer time, had some reservations about Caesars persevering with to run reside occasions within the coming years.
Was fairly excited for this information till I noticed Caesar’s will proceed working WSOP for 20 years. Likely means the product will probably be establishment or possibly even worse, hope I’m mistaken. https://t.co/FtkIq0nkku
— TonyDunstTV (@tonydunsttv) August 2, 2024
Others believed the transfer may very well be nice for the sport and collection.
“Enormous news in the poker world,” Brian Balsbaugh, agent and head of the Poker Royalty company, posted on X. “Sea change for the WSOP and its structural incentives.”
As a former Social gatheringPoker sponsored professional, Patrick Leonard outlined some of his ideas on the sale from his perspective. He believes GG can extra successfully market the model and sport all over the world and that Daniel Negreanu can play a key position in making that occur.
“Main ambassador (Daniel Negreanu) understands the WSOP brand more than anybody else alive,” he famous, “so will oversee/stop anything happening that damages the brand and will send the brand only in a positive direction.”
