Announced weeks after Caesars Entertainment hosted the largest-ever edition of the live World Series of Poker event, the operator has sold the brand to GGPoker’s parent brand, NSUS Inc.
NSUS has acquired the market-leading poker event in a deal worth a total of $500m, with $250 million being paid in cash up front and another $250 million due in five years time.
Caesars Digital President Eric Hession noted how GGPoker has been a “longstanding and successful” partner of WSOP following the sale, with the online poker brand sending a number of online satellite qualifiers to both the Las Vegas and the WSOP Paradise events.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said 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.”
Despite the sale, live WSOP events are set to remain at Caesars’ Las Vegas properties, allowing the operator to continue profiting from the events. Regional Caesars properties will continue to offer WSOP Circuit events as well.
NSUS Group CEO Michael Kim commented: “After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand.
“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.”
Another element to the sale will see Caesars continue to be able to provide its WSOP Online offerings in Michigan, Nevada, New Jersey and Pennsylvania, which take place on the 888 platform.
Caesars, however, will not be able to expand into new online poker states such as West Virginia “for a specified period of time and subject to certain exceptions”.