Caesars, one of our top-rated sportsbooks, has announced the sale of its WSOP brand to Toronto-based NSUS Group, the parent company of GGPoker, but will retain exclusive rights to hold the annual World Series of Poker tournament in Las Vegas for the next 20 years.
Caesars Bids Adieu to WSOP
Caesars acquired the WSOP in 2004 from the family whose patriarch, Benny Binion, started it all at his eponymous hotel and casino in downtown Las Vegas, Binion’s. But that 20-year run has come to an abrupt close as Caesars is selling the asset to NSUS Group for $500 million with $250 million downs and the remainder memorialized in a five-year promissory note.
Caesars will retain the rights to running the annual WSOP live tournament for the next 20 years, a lucrative event that saw the iconic Las Vegas gaming company generate between $20 million and $25 million in EBITDA according to its second-quarter earnings statement. As part of the deal, Caesars will also receive a license from NSUS to continue to operate its WSOP mobile poker sites in Nevada, New Jersey, Michigan, and Pennsylvania “for the foreseeable future,” according to the company.
Doubling Down
Eric Hession, President of Caesars Digital, said: “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.”
The WSOP branding will remain at Caesars’s land-based poker rooms and it will be awarded preferential rights to host live WSOP Circuit events.
Meet the New Boss
The WSOP main event drew 10,112 entries this year, a new record that barely eclipsed 2023’s previous record of 10,043 contestants. The winner was awarded $11 million while the total 2024 prize pool was 33.75 million. It is the preeminent tournament in the poker world but it is far from the only product that has the backing of the WSOP.
Caesars has grown the brand tremendously during its 20-year reign and 2023 saw its poker tournament schedule award more than $400 million in prize pools at tournaments across the nation. GGPoker is expected to be an excellent fit to replace Caesars and has plans to grow the brand even further.
NSUS Takes the Reins
Michael Kim, Chief Executive Officer of NSUS Group, said: “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.
“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.”
