On Thursday, August 1, 2024, Caesars Entertainment announced that it had sold the World Series of Poker (WSOP) brand to NSUS Group Inc. for $500 million.
GGPoker started hosting the WSOP Online in 2020. The relationship between Casesars and GGPoker has proven profitable, so much so that GGPoker’s parent company has now purchased the brand.
The deal guarantees that Caesars will continue to host the WSOP in Las Vegas for the next twenty years and will be the premier provider for the tournament circuit.
Key Highlights
- Caesars sold the World Series of Poker brand to NSUS Group Inc. for $500 Million.
- NSUS Group owns GGPoker, which will now operate the WSOP brand.
- Caesars will continue hosting WSOP Vegas for the next 20 years.
NSUS Group Inc. Purchases World Series of Poker Brand
In one of the biggest gaming moves of 2024, Caesars Entertainment announced Thursday that they have sold the World Series of Poker brand to NSUS Group Inc. for $500 million. NSUS will pay $250 million upfront, and the remainder will come in the form of a $250 million promissory note due five years after the deal officially closes.
Some have commented that the $500 million price tag for such a monumental brand seems cheap, but there is more to the deal. Caesars will continue to host the WSOP in Las Vegas for the next 20 years and will also be the premier provider for the World Series of Poker Circuit. This arrangement will allow the company to still profit from the series, but it will no longer be responsible for the brand’s day-to-day operations.
Also, the $500 million sale represents a 10x return on Caesars’ initial investment of $50 million in 2004, when they purchased the intellectual property from Binions.
Michael Kim, CEO of Nsus Group Inc., commented on the deal, stating, “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.”
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.
– Michael Kim | CEO of Nsus Group Inc.
What Could This Mean for the WSOP Brand?
Some have already started speculating on the future of the WSOP under GGPoker’s guidance. While it is too soon to know what changes the new regime will make, there are a few things that we can naturally expect to see from this deal.
As the company stated, we can expect the brand to expand globally. Expansion likely means additional WSOP series or even consolidation of others. Kevin Mathers —of the Kevmath Report— speculated that WSOP Europe could be retired after 2024, with a series possibly launched in Asia. Beyond that, I could see the WSOP Circuit expanded past the United States beyond the few random token international events.
Next, one of the biggest shifts we will see is a change in the Poker Hall of Fame. Caesars and the WSOP have been heavily criticized for their handling of the Poker HOF in recent years. I predict that the new owners will revamp the process and start making the HOF the spectacle it needs to be.
Kevmath also speculated that GGPoker could come to the US by 2030. A GGPoker brand migration is uncertain, but the software for WSOP.com could migrate to the GGPoker platform by then. The WSOP.com brand is already established, and it makes more sense to operate under that branding – at least until a significant portion of the country has regulated online poker.
Will the Problem of Bracelet Saturation Become Worse?
If you didn’t keep track last year, over 200 WSOP bracelets were awarded between WSOP Las Vegas, WSOP Europe, WSOP Paradise, and WSOP Online. This year, 137 bracelets have already been awarded this summer, with the WSOP Europe and WSOP to come.
GGPoker has yet to announce a WSOP Online for 2024, but we assume that’s coming.
I used to joke about WSOP 365 with a “bracelet for every day of the year.” Last year was the first time my joke started to look like a reality. I fear that further product expansion will continue to compound the problem.
The prestige of winning a bracelet has naturally declined over the years. Now, it is more about who has won multiple bracelets. Unless a player is an established name in poker or wins a major bracelet event like a $10k or the Poker Player’s Championship, winning a bracelet is not the resume booster it used to be.
Granted, the World Series of Poker has continued to grow despite the glut in bracelets, so there’s no denying the product’s popularity. The event will likely prove successful as it expands to other regions. However, when will the market become too oversaturated and players start to abandon the product? Hopefully, that doesn’t happen, but I suspect we will find out the answer in a few years.
I used to joke about WSOP 365 with a “bracelet for every day of the year.” Last year was the first time my joke started to look like a reality. I fear that further product expansion will continue to compound the problem.
James Guill | Former WSOP Player (and Yours Truly)
