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Caesars Entertainment Announces Sale of WSOP To GGPoker

Caesars Entertainment will sell the iconic World Series of Poker (WSOP) brand to NSUS Group Inc., the investment group and operator behind the leading online poker room GGPoker.

The market-changing deal is valued at $500 Million, split between $250 Million in cash and a $250 Million promissory note due five years after the transaction’s closing date.

The news comes hot on the heels of the largest WSOP Main Event in history, WSOP 2024, which saw Jonathan Tamayo win a record-breaking $10 Million. It comes less than four months before WSOP Paradise returns to the Bahamas.

What does WSOP Sale to NSUS Mean for Stakeholders?

For NSUS Group Inc., this acquisition marks a significant entry into the US market. GGPoker has been closely linked to the WSOP since hosting the WSOP Online in 2020.

Ty Stewart, executive director of the WSOP, expressed excitement about deepening the relationship with GGPoker four years ago. This relationship has now evolved into a full-fledged acquisition, with NSUS Group Inc. purchasing the intellectual property rights for a nine-figure sum—far surpassing the approximately $50 Million Harrah’s paid in 2004.

Exhilarating journeys await 🤝! https://t.co/cb7mgpUEU7

— GGPoker (@GGPoker) August 1, 2024

“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said Hession. “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.”

Michael Kim, CEO of NSUS Group Inc., expressed excitement over their new role after years of collaboration with Caesars Entertainment. “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,” said Kim. “Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”

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Also Read: WSOP 2024 Rake Was This Whopping Amount, Did The House Win?

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The World Series of Poker has a rich history of international expansion, beginning with the introduction of WSOP Europe in 2007 and WSOP APAC in 2013 and 2014. Most recently, the Bahamas hosted WSOP Paradise for the first time in 2023. Less than a month ago, WSOP announced the festival’s return to the Caribbean in December this year.

The WSOP operates real-money online poker in Nevada, New Jersey, Michigan, and Pennsylvania. According to the release, Caesars Digital will receive a license from NSUS to continue operating in these states. However, they will be restricted from poker operations “for the foreseeable future,” presumably due to the sale.

This transaction is subject to customary regulatory approvals and other closing conditions and is expected to be finalized before the end of 2024. 

Meanwhile, business seems to be going well for WSOP, with WSOP Paradise just around the corner. The series is all set to break records when it takes place from December 6th to 19th, with the largest prize pool of $50 Million in live poker history.

For more updates from the poker world, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter  and Telegram

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