Top Stories of 2024, new rummy update#1: GGPoker Buys the World Series of Poker

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Table Of Contents

• Caesars Involved for Foreseeable Future
• Who Will Be Part of the Transition?
• What Are Players Saying?

PokerNews'biggest story of 2024 is one that we still know little about and have yet to see the ramifications of. Earlier this year, a leading investment group of GGPoker bought the iconic World Series of Poker brand for half a billion dollars, marking the end of an era that began with Greg Raymer's 2004 Main Event victory in Binion's Horseshoe and ushering in a new period spearheaded by one of the fastest growing online poker brands.

The $500 million transaction, which was more than ten times the amount Harrah's paid for the WSOP brand 20 years ago, saw Caesars Entertainment finalizing a deal with NSUS Group Inc, which includes a $250 million cash transaction and a $250 million promissory note due in five years.

While Caesars will retain branding rights and the summer festival will continue being held at Caesars' Las Vegas casinos, the sale is a pivotal moment for poker at a time when the game's popularity is soaring.

Here is a look at what we know about the sale so far, what to expect during the transition and what players are saying about it.

WSOP Sale to GGPoker Finalized

Caesars Involved for Foreseeable Future

The poker world was taken by surprise in August as the Caesars announced the sale just days after the completion of the 2024 WSOP, which featured the largest Main Event in history with 10,112 players and a first-place prize of $10 million.

Though it was surprising, there were hints that something was in the works, including the two brands partnering for an online series in 2020 and again for WSOP Paradise in 2023 and 2024.

The summer WSOP festival will continue to be held at Caesars' Las Vegas casinos for the next 20 years and Caesars properties can continue to feature WSOP branding. Additionally, Caesars destinations will still receive "preferential rights" to host live WSOP Circuit events.

“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” Caesars Digital President Eric Hession said in a press release. “This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. 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.”

NSUS Group Inc. CEO Michael Kim added, “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. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”

Who Will Be Part of the Transition?

The sale was finalized as quickly as it was announced. On Oct. 29, officials announced that the deal was official and would see several WSOP executives "will transition into key leadership roles" at NSUS.

A newly formed WSOP subsidiary saw WSOP executive director Ty Stewart serving as executive officer and Vice President Gregory Chochton as chief operating officer. Meanwhile, WSOP Content Manager Erik Eidissen joined as a communications manager.

"With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership," a press release stated.

A notable absent name was that of Senior Vice President of Poker Operations Jack Effel, whose face and name has been synonymous with the WSOP brand since he started as a poker room manager and tournament director in the early 2000s.

What Are Players Saying?

Several players expressed excitement for the new ownership, most notably GGPoker ambassador Daniel Negreanu but also GPI Player of the Year frontrunner Jesse Lonis and bracelet and bracelet winner Patrick Leonard, who called the purchase "one of the best pieces of news I’ve seen in poker for a long time."

Poker Royalty's Brian Balsbaugh, who manages Negreanu and other high-profile players, called it Enormous news in the poker world" and a "sea change" for the WSOP "and its structural incentives."

Kevin Mathers, who has held roles with WSOP including social media manager, made a number of predictions about the sale, including that it could lead to a WSOP series in Asia and online poker expansion in the US.

https://twitter.com/Kevmath/status/1819115272952815931?

Others who weighed in include Brent Hanks, Jeff Platt, Ryan Laplante, Kevin Martin, Tyler Brown and Ben Mintz.

During this year's WSOP Paradise, 2006 Main Event champion Jamie Gold told PokerNews“it feels as if they care a lot and they're going to put a lot of money into it."

"They're not shy about investing in it. Look at how much money they spent to get the brand. So, you can imagine what this can become."

Gold continued, "The technical aspect of it is just the fact that they're creating a whole new app with WSOP+. I feel like the combination of the way that they will film it all and maybe create more content will help drive more people to the brand, to have some kind of connection to it. I believe that GG owning the WSOP brand – and the amount of time, effort, and money that they'll put into it – could really help grow poker, which is great for everybody.”

Gold also discussed the new direction for the WSOP in an upcoming episode of the Life Outside Pokerfilmed in the Bahamas. Additionally, the co-hosts of the PokerNewsPodcast talked about the sale with guest Lily Newhouse and what it means for the future of poker.