In a move that has surprised the poker world, the World Series of Poker brand has been sold by Caesars Entertainment to NSUS Group, a leading investment group behind of GGPoker. It’s just three weeks since the 55th annual WSOP ended, with Jonathan Tamayo winning the $10,000-entry Main Event for $10 million. The purchase of the WSOP for an incredible $500 million will raise eyebrows around the world.
Poker World Shocked by Massive Powerplay
In a move never seen before, the WSOP has been bought for a nine-figure fee. Back in 2004, Harrah’s paid $50m for the rights to the WSOP brand. Today, GGPoker’s major investor company NSUS Group have bought the biggest brand in poker for $500m, with $250m due immediately in cash and the other half deliverable via a promissory note.
That Caesars Entertainment have sold up on the rising wave of the biggest era of poker in history is in itself, fairly surprising. GGPoker have made waves online in recent years and with the initial payment of $250m of that amount payable in cash and the other half consisting of a promissory note that is due five years after the transaction’s closing date – in 2029 – the next five years of action on and off the table are sure to be fascinating.
Have the WSOP sold at the peak before a later fall, or not? In 2004, poker was not at the highest height it reached. That arguably came three years later, when Jamie Gold won the biggest Main Event until 2023 for $12m. Full Tilt Poker and PokerStars were waging a branding war off the felt, which only ended when Black Friday shut down U.S. online poker in 2011.
What Could GGPoker Bring to the WSOP?
When looking at the potential impact of GGPoker’s effective ownership of the WSOP brand, which areas could feel the change the most? In short terms, the online brand is likely to grow much quicker. Online poker has been the biggest immediate area of growth in GGPoker’s rapid rise to fruition in the poker market.
The weekly $10,300-entry GG MILLION$ tournament series has seen the biggest players in the world competing for millions of dollars every month, and in 2024, GGPoker sent hundreds of players into the Main Event itself in Las Vegas. Not since the halcyon days of Chris Moneymaker satelliting his way to glory in 2003 has qualifying online for the World Championship seemed more attainable and aspirational to players of all levels.
The 2020 ‘Hybrid’ WSOP Main Event, won by Argentinian player Damian Salas, was proof that GGPoker could step up and progress poker even at a time where operators were sliding back into the shadows. Amid a global pandemic, the action, which took place across two territories and both the live and online space, was a roaring success and paved the way for a triumphant return to live poker when venues reopened towards the latter end of 2020 and beyond.
Golden Period of Poker Ahead?
GGPoker’s co-production of Game of Gold is a great example of the kind of innovation that the NSUS Group is capable of following through. Working with PokerAfter Dark, the show was revolutionary, slick and unique and even won its own Global Poker Award earlier this year in recognition of exactly how impressive a show it was.
NSUS Group’s purchase of the WSOP hints at ‘bigger and better’ across the board, with a healthy competitive roster of fellow poker operators such as PokerStars, 888poker and partypoker now tasked with catching up. GGPoker have made it impossible to simply keep pace. To tread water would maintain poker operators’ levels in 2022. In 2024, that same pace leaves them lagging behind.
NSUS Group now own the intellectual property rights to the world’s most iconic poker brand. While there will be changes, however, Caesars Entertainment will continue to be the priority venues for WSOP events and action on the Las Vegas Strip at Horseshoe and Parsis casinos is going nowhere.
Growth of the Game
WSOP Circuit events continue to take place at Caesars venues across the United States and Eric Hession, President of Caesars Digital, only sees positives about the new partnership.
“We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker,” he said. “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. We look forward to continuing to deliver an unmatched and familiar experience to poker players going forward.”
The CEO of NSUS Group Inc. Michael Kim is looking to utilize technological advances to push the WSOP brand further than ever before.
“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,” he said. “Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”
As series such as World Series of Poker festivals such as WSOP Europe and WSOP Paradise take place later this year, the expansion of the WSOP as the influence of NSUS Group Inc. kicks in will be fascinating to monitor. Poker, and the most iconic brand in the game, is about to grow bigger than ever before.