Top Stories of 2024, #1: GGPoker Buys the World Series of Poker

PokerNews’ greatest story of 2024 is one which we nonetheless know little about and have but to see the ramifications of. Earlier this 12 months, a number one funding group of GGPoker purchased the long-lasting World Sequence of Poker model for half a billion {dollars}, marking the top of an period that started with Greg Raymer’s 2004 Most important Occasion victory in Binion’s Horseshoe and ushering in a brand new interval spearheaded by one of many quickest rising on-line poker manufacturers.

The $500 million transaction, which was greater than ten instances the quantity Harrah’s paid for the WSOP model 20 years in the past, noticed Caesars Leisure finalizing a take care of NSUS Group Inc, which features a $250 million money transaction and a $250 million promissory be aware due in 5 years.

Whereas Caesars will retain branding rights and the summer season competition will proceed being held at Caesars’ Las Vegas casinos, the sale is a pivotal second for poker at a time when the sport’s reputation is hovering.

Here’s a have a look at what we all know concerning the sale to this point, what to anticipate through the transition and what gamers are saying about it.

WSOP Sale to GGPoker Finalized

Caesars Concerned for Foreseeable Future

The poker world was taken unexpectedly in August because the Caesars introduced the sale simply days after the completion of the 2024 WSOP, which featured the biggest Most important Occasion in historical past with 10,112 gamers and a first-place prize of $10 million.

Although it was shocking, there have been hints that one thing was within the works, together with the 2 manufacturers partnering for an internet collection in 2020 and once more for WSOP Paradise in 2023 and 2024.

The summer season WSOP competition will proceed to be held at Caesars’ Las Vegas casinos for the subsequent 20 years and Caesars properties can proceed to characteristic WSOP branding. Moreover, Caesars locations will nonetheless obtain “preferential rights” to host reside WSOP Circuit occasions.

“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 in a press launch. “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 stay up for persevering with to ship an unmatched and acquainted expertise to poker gamers going ahead.”

NSUS Group Inc. CEO Michael Kim added, “We’ll leverage GGPoker’s cutting-edge expertise and business experience to create an thrilling future for WSOP, guaranteeing gamers have an more and more improved, secure, and seamless poker expertise. Beneath the brand new management, NSUS intends to broaden WSOP worldwide, positioning it on the forefront of poker’s progress.”

Who Will Be A part of the Transition?

The sale was finalized as rapidly because it was introduced. On Oct. 29, officers introduced that the deal was official and would see a number of WSOP executives “will transition into key management roles” at NSUS.

A newly shaped WSOP subsidiary noticed WSOP government director Ty Stewart serving as government officer and Vice President Gregory Chochton as chief working officer. In the meantime, WSOP Content material Supervisor Erik Eidissen joined as a communications supervisor.

“With greater than 30 years of mixed expertise managing the WSOP model, these workers will lead the subsequent section of progress and integration beneath new possession,” a press launch acknowledged.

A notable absent identify was that of Senior Vice President of Poker Operations Jack Effel, whose face and identify has been synonymous with the WSOP model since he began as a poker site supervisor and match director within the early 2000s.

What Are Gamers Saying?

A number of gamers expressed pleasure for the brand new possession, most notably GGPoker ambassador Daniel Negreanu but additionally GPI Participant of the Yr frontrunner Jesse Lonis and bracelet and bracelet winner Patrick Leonard, who known as the acquisition “among the best items of stories I’ve seen in poker for a very long time.”

Poker Royalty’s Brian Balsbaugh, who manages Negreanu and different high-profile gamers, known as it Huge information within the poker world” and a “sea change” for the WSOP “and its structural incentives.”

Kevin Mathers, who has held roles with WSOP together with social media supervisor, made quite a lot of predictions concerning the sale, together with that it might result in a WSOP collection in Asia and on-line poker growth within the US.

Others who weighed in embody Brent Hanks, Jeff Platt, Ryan Laplante, Kevin Martin, Tyler Brown and Ben Mintz.

Throughout this 12 months’s WSOP Paradise, 2006 Most important Occasion champion Jamie Gold advised PokerNews “it feels as in the event that they care loads and they’ll put some huge cash into it.”

“They don’t seem to be shy about investing in it. Take a look at how a lot cash they spent to get the model. So, you possibly can think about what this will grow to be.”

Gold continued, “The technical side of it’s simply the truth that they’re creating an entire new app with WSOP+. I really feel like the mixture of the way in which that they may movie all of it and perhaps create extra content material will assist drive extra folks to the model, to have some type of connection to it. I consider that GG proudly owning the WSOP model – and the period of time, effort, and cash that they will put into it – might actually assist develop poker, which is nice for everyone.”

Gold additionally mentioned the brand new path for the WSOP in an upcoming episode of the Life Exterior Poker filmed within the Bahamas. Moreover, the co-hosts of the PokerNews Podcast talked concerning the sale with visitor Lily Newhouse and what it means for the way forward for poker.

Connor Richards is an Editor & Reside Reporter for PokerNews and host of the Life Exterior Poker podcast. Connor has been nominated for 2 International Poker Awards for his writing.