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In a deal worth $500 million, Caesars Entertainment (NASDAQ: CZR) has agreed to transfer ownership of the World Series of Poker (WSOP) brand to the NSUS Group investment firm, known for operating the world’s largest online poker platform, GGPoker.
Caesars Digital President Eric Hession, in a news release, lauded the company’s longstanding partnership with GGPoker, attributing it to the growth of the WSOP brand:
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. 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.”
“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,” Chief Executive Officer of NSUS Group Inc. Michael Kim added.
Key takeaways
- Caesars has agreed to a $500 million deal to transfer ownership of the WSOP brand to NSUS Group.
- Despite the sale, Caesars will continue to hold the annual WSOP live tournament series in Las Vegas for the next 20 years and maintain WSOP branding in its physical poker rooms.
- Caesars Digital will retain the right to operate its WSOP online poker business in states like Nevada, New Jersey, Michigan, and Pennsylvania.
Caesars retains major tournament rights and partnership with GGPoker
Under the deal, Caesars will be paid $250 million upfront in cash. Additionally, it will receive a $250 million promissory note with a five-year maturity date. This note is backed by the WSOP intellectual property assets being sold.
Caesars has maintained major WSOP rights and for the next 20 years, the business will continue to hold the yearly WSOP live tournament series in Las Vegas and keep the WSOP branding in its real poker rooms.
“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,” Kim concluded.
Also, Caesars will be granted first dibs on hosting live WSOP Circuit events. Although Caesars Digital will continue to operate its WSOP online poker business in some jurisdictions like:
- Nevada
- New Jersey
- Michigan
- Pennsylvania
Furthermore, Caesars will have restricted capacity to grow its online poker business in other states for a specific period of time.
The sale is contingent upon standard regulatory clearances and other closing requirements. Hence, it is anticipated to be finalized before the year’s end.
In revenue-related news, Caesars Entertainment reported Q2 2024 earnings and that the WSOP generated a commendable revenue stream. It contributed an estimated $20 to $25 million in EBITDA to the company’s financial performance.
Hence, what will become of these figures subsequently is unknown.
Who is NSUS?
NSUS is a business consultant for the iGaming industry specializing in investments, consulting and marketing.
NSUS has been instrumental in launching industry giants like GGPoker, the world’s largest poker room, and ClubGG. These platforms entertain millions of people worldwide.
GGPoker, NSUS’s premier client, is the world’s largest online poker platform with a global following. Renowned for its creative approach, GGPoker offers a wide range of games and features, including the patented Rush & Cash Poker.
The platform also incorporates social elements, advanced analytics tools, and user-friendly features to elevate the overall poker experience.
