WSOP rights sold (1 Viewer)

[doublebooyah85]

New chips?

 

[Highli99]

Damn Ceasars must be strapped for cash

 

[WedgeRock]

Yep, money grab.

 

[Highli99]

They must be making good money on the GG stuff, because the rake this year was roughly $42MM and a big chunk of that went to staff. So, $500mm is an impressive valuation albeit half is paid in five years so present value probably closer to $350MM

 

[doublebooyah85]

This is gonna be well received by players imho. And since the chips say “Caesars” on them really hope they change them!

 

[raynmanas]

This is gonna be well received by players imho. And since the chips say “Caesars” on them really hope they change them!

seems maybe not so likely based on the 2nd paragraph, but here's to hoping!

 

[doublebooyah85]

seems maybe not so likely based on the 2nd paragraph, but here's to hoping!

Yeah I noticed that but they would be better served if those chips said GG Poker. Not the hotel ur staying at. Understood it’s in the contract but they now need to brand who actually owns the wsop.

 

[Frogzilla]

new owners have a ridiculous dumb name and somehow even stupider way to pronounce it

I’m never playing an event that has NSUS on any chip, ever.

 

[Frogzilla]

I misread the first line. Or they miswrote it. It sounded that Caesars sold both WSOP and GGPoker to NSUS. Actually NSUS is the parent of GG, Caesars sold WSOP to NSUS/GG. I dunno if I’m the only one who made that mistake, could be.

Reading more clear reporting, GG owns WSOP now. Definitely if anything they’ll brand it GG. They would never put “NSUS” . “Answers”. That’s so stupid.

 

[doublebooyah85]

I misread the first line. Or they miswrote it. It sounded that Caesars sold both WSOP and GGPoker to NSUS. Actually NSUS is the parent of GG, Caesars sold WSOP to NSUS/GG. I dunno if I’m the only one who made that mistake, could be.

Reading more clear reporting, GG owns WSOP now. Definitely if anything they’ll brand it GG. They would never put “NSUS” . “Answers”. That’s so stupid.

Correct. GG for the win.

 

[AlbinoDragon]

Article about this on Pokernews:

https://www.pokernews.com/news/2024/08/ggpoker-buys-world-series-of-poker-for-500-million-46689.htm

 

[demonnic]

I'm not sure what GG is really getting out of this, given Caesar's gets to keep actually putting on the WSOP for 20 yrs, using its branding for their poker rooms, etc. Apart from being able to say they 'own' the WSOP? Caesar's is even getting to continue operating the online wsop poker site. It seems like all win for Caesars for the next 20 yrs to me?

 

[doublebooyah85]

I'm not sure what GG is really getting out of this, given Caesar's gets to keep actually putting on the WSOP for 20 yrs, using its branding for their poker rooms, etc. Apart from being able to say they 'own' the WSOP? Caesar's is even getting to continue operating the online wsop poker site. It seems like all win for Caesars for the next 20 yrs to me?

Huh? No. GG owns the website. And now all the profits from the events. And the brand.

And would also owns streaming rights to sell.

Ceasers is only left w a 20 year partner for hotel guests and convention space. Not to be understated…but that’s all I see.

 

[demonnic]

I mean, they get licensing fees, but the announcement in the OP specifically says Caesars gets to keep operating the WSOP poker site? I doubt they'd do that if they weren't seeing the profits.

 

[doublebooyah85]

I mean, they get licensing fees, but the announcement in the OP specifically says Caesars gets to keep operating the WSOP poker site? I doubt they'd do that if they weren't seeing the profits.

Ur right. Not sure it’s entirely correct…the pokernews summarizes it slightly different…

The sale represents a huge step into the US market from NSUS Group Inc., but GGPoker's connection to the WSOP has been clear for all to see since they held the WSOP Online in 2020.

 

[demonnic]

Ok, I read the pokernews article now, and my take is:

It looks like GGPoker wanted the IP rights so they could run the WSOP around the world, while granting Caesars a lengthy license to continue controlling the WSOP within the US and keeping the 'main' WSOP in Vegas for the next 20 yrs. Meanwhile, they also get to keep running the WSOP online poker site in the states it is currently available in, but is otherwise restricted from operating online poker rooms/expanding to other states.

It seems like a pretty sweet deal for Caesar's still to me, especially given it's 10x the price Harrah's paid in 2004. Pretty good ROI, especially when you get to keep pulling in the revenue from running the series itself and the online site.

Pretty good deal for NSUS/GG too, if they can leverage the global market well enough. Will probably take a few years to see if they wind up happy with the purchase or not.

 

[Frogzilla]

Ok if you try to say “answers” but keep your lips sealed it does start to sound a little bit like NSUS

 

[Colquhoun]

Ok if you try to say “answers” but keep your lips sealed it does start to sound a little bit like NSUS

Ermagerd, yer right!

 

[bergs]

They basically named the company after me being drunk off my ass at Waffle House at 4am and my food late and I stammer “hey my fooood Izzy leiiiight dmmnit ayyy wannnt summ NSUS”

 

[dpeks13]

Sounds like a MLM cult to me

 

[BGinGA]

Ok if you try to say “answers” but keep your lips sealed it does start to sound a little bit like NSUS

Yet still really stoopid....

 

[LeLe]

So last 20 years of WSOP at Las Vegas, and it be at Maccu (Asia) after that where all the big money goes