In a significant shift within the poker industry, Caesars Entertainment has recently announced the sale of the iconic World Series of Poker (WSOP) to Toronto-based iGaming investment firm NSUS Group, known for owning GGPoker and other prominent online gambling platforms. The acquisition, valued at $500 million, includes the intellectual property rights for the WSOP. NSUS Group will make an upfront payment of $250 million, with the remaining amount to be paid over the next five years.
Noting the company’s lengthy partnership with Caesars Entertainment, NSUS Group CEO Michael Kim expressed his excitement about the transaction. He emphasized that GGPoker’s expertise in the field and cutting-edge technology will spearhead WSOP’s future, improving the brand’s worldwide reach and player experience. He further said that under NSUS Group’s leadership, the WSOP is poised to continue its legacy as the premier poker brand while pushing the boundaries of poker’s growth on an international scale.
This is not the first time the WSOP brand has changed hands. Caesars, then operating as Harrah’s, acquired the WSOP and Horseshoe brand in 2004 for $50 million following the Binion family’s loss of control over its casino. The acquisition came at a pivotal moment as the poker boom, ignited by Chris Moneymaker’s 2003 Main Event win, was in full swing. Harrah’s subsequently moved the WSOP from the Las Vegas Strip to the Rio in 2005, where it remained until relocating to the Las Vegas Horseshoe and Paris in 2022.
What About the Events?
Despite the change in ownership, the WSOP’s signature summer events will continue to be hosted at Caesars Entertainment’s Las Vegas casinos for the next two decades. Caesars will retain the use of WSOP branding at its physical casino locations and maintain preferential rights to host live WSOP Circuit events, according to the press release.
However, with GGPoker’s extensive global operations, there are plans to significantly increase the number of WSOP events, both live and online, across Asia, Europe, South America, and Canada. GGPoker, already a key platform for WSOP events and satellites, is expected to leverage its new ownership to solidify its position as the world’s largest online poker site.
Caesars Digital’s WSOP Online platforms in Pennsylvania, Michigan, Nevada, and New Jersey are also part of the deal. For the time being, Caesars Digital will keep running these online poker rooms, but they will be subject to regulations that prevent them from running P2P real-money poker games online (with a few exceptions, of course).
While the four jurisdictions work to resolve licensing issues and make adjustments to the Multi-State Internet Gaming Agreement, which currently permits WSOP to share player pools across New Jersey, Michigan, and Nevada, the online poker rooms may temporarily close.
