In a stunning move that is sure to make waves in the world of online poker, Caesars Entertainment has cashed in on its iconic WSOP brand with a $500 million sale to the parent company of GGPoker, one of the fastest-growing online poker platforms in the world.
The deal, which was finalized last week, will see Caesars Entertainment relinquish ownership of the WSOP brand to NSUS Group, the parent company of GGPoker. The $500 million price tag represents a significant return on investment for Caesars, which acquired the WSOP brand in 2004 for a mere $15 million.
The sale comes at a time when online poker is experiencing a surge in popularity, thanks in part to the global pandemic that has forced millions of people to stay at home and seek out new forms of entertainment. With its long history and reputation for hosting some of the most prestigious poker tournaments in the world, the WSOP brand is seen as a valuable asset for any company looking to capitalize on the growing demand for online poker.
GGPoker, which was founded in 2014, has quickly risen to become one of the top online poker platforms in the world, thanks to its innovative software, generous promotions, and commitment to fair play. The acquisition of the WSOP brand will further solidify GGPoker’s position as a major player in the online poker industry and give it access to a whole new audience of players who are loyal fans of the WSOP brand.
Speaking about the deal, Caesars Entertainment CEO Tom Reeg said, “We are thrilled to have found a partner in NSUS Group that shares our vision for the future of the WSOP brand. We believe that GGPoker has the expertise and resources to take the WSOP brand to the next level and provide even more opportunities for players around the world to compete in the game they love.”
Under the terms of the deal, NSUS Group will assume control of all WSOP-branded online poker operations, including the popular WSOP.com website, which currently operates in the US. GGPoker will also be responsible for organizing and hosting future online versions of the WSOP tournament series, which is traditionally held in Las Vegas each summer.
Industry analysts predict that the sale of the WSOP brand to GGPoker could have a major impact on the online poker landscape, as it will likely lead to increased competition among the major poker platforms and potentially lead to a merger of some of the smaller brands in the industry.
Overall, the $500 million sale of the WSOP brand to NSUS Group is a significant milestone for Caesars Entertainment and a major development in the world of online poker. With GGPoker now in control of one of the most iconic brands in the game, it will be interesting to see how they leverage this new asset to further grow their business and attract even more players to their platform.
