How much did the World Series of Poker finalists actually take home after taxes?
The nine players at the World Series of Poker final table collectively won $30.25 million. However, more than $12.2 million of that is expected to be paid out to tax authorities.
The final table of the World Series of Poker (Main Event) produced nine winners, millions of dollars, and one champion — Lucas Jumalon, who completed an impressive journey from tournament leader to winning the title and the $10 million first prize.
But the amounts announced by the WSOP tell only part of the story. After tax calculations, a significant portion of the money will be directed to the tax authorities in the states and countries where the players reside.
According to an annual analysis by Russell Fox, a poker player and licensed tax professional in the US, the nine finalists won a total of $30.25 million. Out of this amount, more than $12.2 million is expected to be deducted for taxes — an overall rate of about 40.58%.
The winner will be left with about $6 million
Jumalon, a resident of Spokane, Washington, won $10 million. Since Washington has no state income tax, the bulk of his tax liability stems from federal and self-employment taxes. He is estimated to pay about $3.99 million, or 39.91% of the prize, leaving him with approximately $6.01 million.
Lauri Saaskilahti, who finished second and won $6 million, is expected to pay about $2.773 million. Greg Mueller, who finished third with $3.75 million, is expected to be left with about $2.628 million after taxes.
Michael Gagliano, who earned $2.75 million for fourth place, is expected to pay about $1.06 million in income tax and another $272,000 to the state of New Jersey. Han Feng, who finished fifth with $2.25 million, is expected to pay about $889,753, which is approximately 39.54% of his prize.
More than half of the prize goes to taxes
The most extreme story at the final table belongs to Jamie Seibel. The professional poker player from California finished seventh and won $1.5 million, but is estimated to be left with only about $744,500.
Seibel is expected to pay about $598,373 to federal tax authorities and another $157,127 to the state of California. In total, this amounts to about 50.37% of the winnings, meaning more than half of his prize will go to the tax authorities.
Ramy Hammoud, a resident of Montreal, Canada, finished sixth and won $1.75 million. As an amateur player, he is not expected to pay income tax on the winnings in Canada, but will face a 30% withholding tax in the US, totaling about $522,000.
Mario Bos from France, who finished eighth and won $1.25 million, is not expected to pay US tax but will pay about $543,701 to French tax authorities, leaving him with an estimated $706,299. Evagoras Evagorou, who finished ninth with $1 million, is also expected to pay about $346,500 in taxes.
Thus, while the nine players will share $30.25 million in gross prizes, the amount remaining after taxes will be significantly lower — a reminder that in poker tournaments of this magnitude, the big win is only the beginning of the calculation.
