The World Series of Poker (WSOP) now officially belongs to GGPoker, or rather its parent company. Caesars, which had owned WSOP since 2004, finalized its sale to NSUS this week, receiving $250 million in cash and a $250 million promissory note due in five years.
The deal will see several prominent WSOP executives, including CEO Ty Stewart, COO Gregory Chochon, and Communications Manager Erik Eidissen joining NSUS.
Under the terms that Caesars announced about two months ago, it will retain the rights to host the annual WSOP live tournament at its Las Vegas venues for 20 years. Caesars will also receive a license from NSUS to continue operating its WSOP US online poker network in Nevada, New Jersey, Michigan, and Pennsylvania “for the foreseeable future.” However, the company won’t be able to expand to additional states. Furthermore, retail Caesars poker rooms will continue featuring WSOP branding and hosting WSOP Circuit events.
WSOP players in Ontario are already familiar with GG Poker’s platform, as it powers WSOP.ca, which has now been incorporated into GGPoker.ca. While integrating the sites in Ontario, NSUS plans to expand the WSOP brand globally.
Does the Sale Impact US Players?
WSOP online players in the US will not see much difference in the near future. The Nevada, New Jersey, Michigan, and Pennsylvania sites will continue to operate as usual.
However, those hoping for the WSOP multi-state network to expand will be disappointed. The deal with NSUS restricts WSOP.com from launching in additional states (at least for “the foreseeable future.”) Caesars will retain hosting rights for the annual World Series of Poker event at its Las Vegas venues for the next 20 years. Retail Caesars locations will continue to host WSOP Circuit events, so retail players will also see little impact.
Are there going to be changes? While details are still unclear, NSUS’s plans to promote WSOP globally could mean more WSOP Circuit ring events worldwide. The main Las Vegas event could grow in size and reach, and the acquisition could bring GG Poker closer to launching in the US.
Caesars Releases Mixed Q3 Results
Alongside completing the WSOP sale, Caesars Entertainment has released its Q3 financial results. The company posted mixed performance overall but notable growth in the Caesars Digital segment. Some Q3 highlights include:
- Total Revenue: $2.9 billion (down by 2.9% year-over-year)
- Caesars Digital Revenue: $303 million (up 40.9%)
- Adjusted EBITDA: $1 billion (down 4%)
- Caesars Digital EBITDA: $52 million (up 2600%)
- Net Income: $9 million loss (compared to $74 million profit last year)
During the company’s Q3 Earnings Call, Caesars Digital President Eric Hession highlighted that the iGaming segment was up 83% from last year. According to him, the growth was primarily driven by the strong performance of the Caesars Online Casino app.
Hession also noted the launch of Horseshoe Online Casino in Pennsylvania, Michigan, and West Virginia at the end of the quarter. He expects the new brand to go live in New Jersey and Ontario by the end of the year. In addition to iGaming, Caesars saw a 36% increase in sports betting net revenue.
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Graphic from World Series of Poker