The fifty fifth annual World Collection of Poker simply accomplished its newest record-setting run in Las Vegas a few weeks in the past, with greater than $438 million in prize cash paid out throughout 99 in-person occasions this 12 months. The 2024 WSOP formally wrapped up on July 17, simply over a fortnight forward of some large information impacting the match poker juggernaut. On Aug. 1, Caesars Leisure introduced the sale of the WSOP model to the NSUS Group Inc., the guardian firm of on-line poker website GGPoker.
The deal is reportedly price $500 million, with a cost of $250 million in money and a $250 million promissory word due 5 years after the transaction’s deadline. That represents a substantial return on funding after Caesars bought the sequence from Becky Behnen, daughter of founder Benny Binion, in 2004 for $44.3 million.
“We’ve loved a longstanding and profitable partnership with GGPoker that has helped spur the expansion of the WSOP model,” Caesars Digital President Eric Hession mentioned. “This transaction is an thrilling step for Caesars as an organization and the WSOP model because it continues to evolve. We will’t wait to see what NSUS has in retailer for rising the WSOP’s legacy in poker, and we look ahead to persevering with to ship an unmatched and acquainted expertise to poker gamers going ahead.”
Particulars on the Sale
The acquisition doesn’t imply main modifications are essentially within the works. NSUS acquires the sequence’ mental property rights and Caesars retains the suitable to proceed internet hosting the flagship dwell match sequence in Las Vegas for the following 20 years. Caesars poker rooms can even proceed that includes WSOP branding, and the corporate will get preferential rights to host dwell WSOP Circuit occasions.
Caesars Digital additionally receives a license from NSUS, which relies in Ontario, Canada, to proceed working its not too long ago upgraded WSOP On-line poker platform in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. Nonetheless, the corporate will in any other case be restricted from working on-line real-money poker operations for a specified time frame topic to sure exceptions.
“After collaborating with Caesars Leisure for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new position in main the WSOP, the world’s most famed poker model,” NSUS CEO Michael Kim mentioned.
“We’ll leverage GGPoker’s cutting-edge know-how and trade experience to create an thrilling future for WSOP, guaranteeing gamers have an more and more improved, secure, and seamless poker expertise. Below the brand new management, NSUS intends to broaden WSOP worldwide, positioning it on the forefront of poker’s progress.”
Holding Stay Occasions
The sale might have come as a little bit of a shock to gamers and a few within the trade. The 2 firms had partnered for the previous few years and GG can now extra simply leverage the WSOP mental property for worldwide growth.
What that entails stays to be seen, however doubtlessly might embody extra WSOP on-line occasions, extra dwell GG/WSOP sequence in different elements of the world, and even doubtlessly a GG/WSOP on-line poker pores and skin as the corporate did initially after launching in Ontario in 2022.
Caesars administration might have seen the deal as a option to capitalize on the model for a major money infusion whereas nonetheless retaining rights to worthwhile dwell occasions.
Caesars CEO Tom Reeg introduced on a name with buyers this week that this 12 months’s sequence was probably the most worthwhile WSOP the corporate has ever had. He additionally famous the WSOP brings in $20 million to $25 million every year with on-line poker solely a small a part of that. The deal permits Caesars to maintain the worthwhile dwell occasions whereas permitting GG to harness the model for on-line growth.
Gamers React
There have been combined reactions to the deal amongst gamers, a few of whom expressed their ideas on social media. Some approached the considered the WSOP altering arms with some trepidation.
“This feels scary,” Canadian bracelet winner Pablo Mariz famous.
World Poker Tour commentator Tony Dunst, who gained his third bracelet this summer time, had some reservations about Caesars persevering with to run dwell occasions within the coming years.
Was fairly excited for this information till I noticed Caesar’s will proceed working WSOP for 20 years. Seemingly means the product might be established order or perhaps even worse, hope I’m unsuitable. https://t.co/FtkIq0nkku
— TonyDunstTV (@tonydunsttv) August 2, 2024
Others believed the transfer could possibly be nice for the sport and sequence.
“Huge information within the poker world,” Brian Balsbaugh, agent and head of the Poker Royalty company, posted on X. “Sea change for the WSOP and its structural incentives.”
As a former PartyPoker sponsored professional, Patrick Leonard outlined a few of his ideas on the sale from his perspective. He believes GG can extra successfully market the model and sport around the globe and that Daniel Negreanu can play a key position in making that occur.
“Foremost ambassador (Daniel Negreanu) understands the WSOP model greater than anyone else alive,” he famous, “so will oversee/cease something taking place that damages the model and can ship the model solely in a constructive course.”
