The 55th annual World Series of Poker just completed its latest record-setting run in Las Vegas a couple of weeks ago, with more than $438 million in prize money paid out across 99 in-person events this year. The 2024 WSOP officially wrapped up on July 17, just over a fortnight ahead of some massive news impacting the tournament poker juggernaut. On Aug. 1, Caesars Entertainment announced the sale of the WSOP brand to the NSUS Group Inc., the parent company of online poker site GGPoker.
The deal is reportedly worth $500 million, with a payment of $250 million in cash and a $250 million promissory note due five years after the transaction’s closing date. That represents a considerable return on investment after Caesars purchased the series 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 said. “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 purchase doesn’t mean major changes are necessarily in the works. NSUS acquires the series’ intellectual property rights and Caesars retains the right to continue hosting the flagship live tournament series in Las Vegas for the next 20 years. Caesars poker rooms will also continue featuring WSOP branding, and the company will get preferential rights to host live WSOP Circuit events.
Caesars Digital also receives a license from NSUS, which is based in Ontario, Canada, to continue operating its recently upgraded WSOP Online poker platform in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, the company will otherwise be restricted from operating online real-money poker operations for a specified period of time subject to certain exceptions.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators […]
Click here to view original web page at www.cardplayer.com
