Caesars Entertainment is selling its World Series of Poker (WSOP) brand to NSUS Group for $500 million. The definitive agreement will see NSUS, the company behind the popular GGPoker brand, acquire full ownership of WSOP for a cash consideration of $250 million, with a further $250 million due in five years post-closing.
As part of the agreement, Caesars will retain the right to use the WSOP brand for its online poker offering in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future, as well as the right to host WSOP events at its Las Vegas casinos for the next 20 years.
Beyond this, Caesars will be restricted from operating online real money peer-to-peer poker for a specified period of time and subject to certain exceptions.
GGPoker has hosted WSOP events since 2020 and in 2022, the company partnered with Caesars on the launch WSOP.ca in Ontario, Canada.
“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 sale is subject to regulatory approval and customary closing conditions and is expected to close before the end of this year.
Michael Kim, chief executive officer at NSUS Group, 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.
“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.”WSOP.com is powered by evoke (formerly 888) in the United States under a partnership that began in 2013, with the […]
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