GGPoker has bought the majority of the World Series of Poker (WSOP) intellectual property rights from Caesars Entertainment for $500 million.

On Friday, Caesars announced the deal with NSUS Group, the Canadian corporation that owns and operates GGPoker, via X, formerly known as Twitter.

“We announce the signing of a definitive agreement to sell our intellectual property rights for the @WSOP brand to NSUS Group Inc. The transaction, valued at $500M, includes $250M in cash and a $250M promissory note due five years after the transaction’s closing date,” Caesars stated.

In a press release, Caesars emphasized that it will retain the rights to host the flagship WSOP summer series on the Las Vegas Strip for the next 20 years. Additionally, Caesars will keep its licenses to use the WSOP brand for its brick-and-mortar poker rooms and will have preferential rights to host live WSOP Circuit (WSOP-C) events.

To ensure its online poker platforms remain unaffected by the sale, Caesars has secured a license from NSUS for its digital operator, Caesars Digital, to continue operating its WSOP Online real-money poker site, which was recently upgraded. The platform operates in Nevada, New Jersey, Michigan, and Pennsylvania and will remain operational for the foreseeable future with certain exceptions.

The sale of the IP rights comes less than four months before the return of WSOP Paradise to the Bahamas this December. It also follows the biggest WSOP Main Event in history.

Interestingly, this agreement might have been inevitable, as WSOP executive director Ty Stewart hinted four years ago that they were “more excited” to strengthen their relationship with GGPoker.

In a statement included in the press release, Caesars Digital President Eric Hession credited the move to the WSOP brand’s evolution in the thriving poker industry. He expressed enthusiasm for what lies ahead for Caesars as a result of the deal.

“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. 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,” Hession said.

On the other hand, NSUS Group CEO Michael Kim outlined GGPoker’s plans for the WSOP IP rights acquired from Caesars Entertainment.

“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand,” Kim said.

He continued, “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.”

Over the years, the WSOP brand has made significant strides in expanding internationally. It launched WSOP APAC in 2013 and 2014, and WSOP Europe in 2007.