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Caesars Entertainment is selling the rights to the World Series of Poker.
The deal is worth $500 million, and NSUS Group Inc., the owner of GGPoker, is acquiring WSOP. The first $250 million will be in cash, while the remaining $250 million will be paid over the next five years.
While this is a massive deal, nothing should change for you if you’re a New Jersey online casino player.
“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,” said Michael Kim, Chief Executive Officer of NSUS Group. “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.”
Despite the sale, Caesars Digital will receive a license from NSUS to continue operating the WSOP Online real-money poker business. This license is located in Nevada, New Jersey, Michigan, and Pennsylvania. It will be available for the foreseeable future, but Caesars will be unable to operate online peer-to-peer real-money poker operations for a “specific period of time.”
It’s unclear how this acquisition impacts NSUS Group licensing in the four jurisdictions and the Multi-State Internet Gaming Agreement.
“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.”
Caesars, which was previously known as Harrah’s, bought the World Series of Poker and Horseshoe brand in 2004. The sale was for $50 million. It came after the Binion family lost control of the casino and the sale was forced. The timing was excellent for Caesars as Chris Moneymaker won the Main Event in 2003 and a surge in poker popularity followed.
Harrah’s moved the WSOP to Rio in 2005 and stayed there until it moved to the Las Vegas Horseshow and Paris in 2022.
Now, we’ll see what the future of WSOP is under NSUS.
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