Giant U.S. gambling operator Caesars Entertainment is selling the World Series of Poker brand to the owners of GGPoker, NSUS Group. Caesars announced the $500 million sale this week in a company statement.
World Series of Poker (WSOP) is one of the most respected poker tournament brands in the world. Its recent WSOP 2024 event saw a record-breaking 200,000 tournament entrants exchange $480 million over the felt across 55 days.
As part of the deal, the annual WSOP series will continue to be hosted at Caesars’ Las Vegas casinos for the next 20 years. The two gambling businesses will remain in close cooperation in other areas, including the continuation of WSOP-branded poker rooms at Caesars’ casino properties.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said President of Caesars Digital Eric Hession.
“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.”
The Deal
NSUS Group has agreed to pay $250 million upfront to Caesars for the WSOP brand, and then a further $250 million in five years time. NSUS is an online gambling operator which owns the popular GGPoker. It is based in Toronto, Canada, and also has offices in Europe and Asia.
NSUS will now operate the WSOP brand in U.S. states that have legal online poker, and where it is licensed through GG Poker. That includes Delaware, New Jersey, Pennsylvania, West Virginia, and Michigan. Caesars has retained the right to continue operating the WSOP online poker brand in its home state of Nevada.
NSUS has stated it intends to expand the WSOP online brand into global markets it is licensed in, including Europe and Asia. It is not clear what the deal means for the GGPoker brand.
“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, CEO of NSUS Group Inc.
“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.”
The WSOP Brand
Caesars came to own WSOP through its predecessor company, Harrah’s, which purchased it in 2004 from Las Vegas-based Binion’s. Harrah’s acquired the Binion’s Horseshoe casino, where the WSOP had been held since 1970, as part of the deal.
However, it immediately sold the Downtown Las Vegas casino and moved the WSOP to its Rio Las Vegas. It also expanded the brand into a series of global circuit tournaments, with a headline series event held each year at the Rio.
In 2019, Harrah’s merged with Eldorado Resorts to create the new Caesars Entertainment. This transferred over the WSOP brand to a company with new leadership At that point, with 15 years at the Rio, some poker fans and players were complaining about the casino hotel’s lack of investment compared to other nearby Las Vegas casino resorts.
In 2022, Caesars decided to rename and redevelop its Bally’s Las Vegas casino, which it had also acquired via Harrah’s in 2004. It then announced the newly reopened Horseshoe Las Vegas would host the WSOP from 2023, bringing things full circle, in a way, with a nod to the original WSOP venue.
The 2024 WSOP was a record-breaking series, with more than 10,000 entries for the $10 million prize Main Event. That was eventually won by Texan poker pro Daniel Tamayo. The two-months-long event made some $30 million in revenue for Caesars from tournament rakes alone.
By selling the WSOP brand, while retaining some rights to its continued use, Caesars leadership will be looking to reduce its large $12.4 billion debt pile.
David is an online casino expert who specializes in online slots and boasts over 10 years experience writing about iGaming. He has written for a wide range of notable publications, including eSports Insider and WordPlay Magazine.
David graduated Derby University with a BA Degree in English Literature and Creative Writing.
