The $500 million deal between the two industry powerhouses is now complete as online leader GGPoker now owns the World Series of Poker.
One of the biggest acquisitions this industry has ever seen has concluded, as the World Series of Poker brand has been sold to NSUS Group, the owners of GGPoker.
The transaction sees three long-time WSOP execs move to NSUS. Ty Stewart will serve as CEO of the WSOP under NSUS, Gregory Chochon will be COO and Erik Eidissen will be Communications Manager.
GGPoker and the WSOP have been close partners for several years now. GGPoker is not only the official provider of the WSOP satellites and the online WSOP, they are the co-host of WSOP Paradise.
Today, we announced the closing of the previously announced sale of our intellectual property rights for the World Series of Poker brand to NSUS Group Inc. As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years… pic.twitter.com/jrOCiCLphq
— Caesars Entertainment (@CaesarsEnt) October 29, 2024
A $500 million deal
This is a $500 million deal where the first $250 million is paid up front and the remaining $250 million five years later.
Caesars will continue to host the World Series of Poker from its properties for the next 20 years. Caesars will also host WSOP-C events across the globe.
It comes at a busy time for both the WSOP and GGPoker, with their 2nd outing of WSOP Paradise at the end of the year with a $50 million guarantee.
The really big question will be what a GGPoker-led World Series of Poker looks like in 2025 and beyond.
Will this be good for the game? Let us know in the comments: