Caesars Entertainment Corp. has struck a deal to sell the iconic World Series of Poker (WSOP) brand to an online gambling operator for a whopping $500 million, according to a report by Bloomberg.
The transaction marks a significant shift in the world of poker, as one of the most prestigious and beloved poker brands changes hands. The WSOP, which was founded in 1970 and has become a global phenomenon, is known for hosting the annual Las Vegas tournament that attracts thousands of players from around the world.
The buyer, whose identity has not been revealed, is said to be a major player in the online gambling industry with a strong presence in both the US and international markets. The acquisition of the WSOP brand is expected to bolster the company’s position in the ever-growing online poker industry, which has seen a surge in popularity in recent years.
Caesars Entertainment Corp., which has owned the WSOP brand since 2004, announced earlier this year that it was exploring strategic alternatives for its interactive gaming business, including the potential sale of the WSOP. The company, which operates several casinos and resorts in the US and abroad, has been facing financial challenges due to the impact of the COVID-19 pandemic on the gaming industry.
The $500 million price tag for the WSOP brand is considered to be a significant premium, as the brand is highly valued for its long history and global recognition. The annual WSOP tournament, which features a series of poker events culminating in the main event where players compete for millions of dollars in prize money, has become a cornerstone of the poker world.
Industry analysts are speculating on what the new owner will do with the WSOP brand, with some predicting that it could lead to the expansion of online poker offerings and the launch of new tournaments and events. The deal is expected to close in the coming months, pending regulatory approval and other customary closing conditions.
For poker fans and players alike, the sale of the WSOP brand represents a new chapter in the storied history of the tournament. With the promise of new opportunities and developments on the horizon, the poker world is buzzing with anticipation for what the future holds for the World Series of Poker.
