Tax Burdens Dull 2016 WSOP Main Event Final Table Winnings

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  • Tax burdens can cut poker winnings in half. Just look at the 2016 WSOP Main Event Final Table.

Tax burdens can cut poker winnings in half. And that’s exactly what they’ll do, even in tournaments as large, and with as big a payout, as the 2016 World Series of Poker final table.

Then, once you move into tournament backers who receive a part of the action from investors to lower player risk, players only see a portion of their winnings.

In a post titled, “The 2016 Real Winners of the World Series of Poker,” Russ Fox of Clayton Financial and Tax in Las Vegas, divvies out the winnings, based on how much is taken out, location and what the player will receive after taxes.

PlayerLocationPlacePercentage LostWinnings Before TaxesWinnings LostEstimated total
Qui NguyenLas Vegas, NV1st41.51%$8,005,310$3,324,157$4,681,153
Gordon VayoSan Francisco, CA2nd51.46%$4,661,228$2,398,800$2,262,428
Cliff JosephyLong Island, NY3rd48.40%$3,453,568$1,674,568$1,779,000
Michael RuaneMaywood, NJ4th45.75%$2,576,003$1,178,525$1,397,478
Vojtech RuzickaPrague, Czech Republic5thexempt, flat 15% income tax$1,935,288$290,293$1,644,995
Kenny HallaertHansbeke, Belgium6th0% (no tax on gambling wins)$1,464,258$0$1,464,258
Griffin BengerToronto, Ontario, Canada7th30% withheld for U.S. income tax$1,250,190$370,057$875,133 (can file return to recover losses)
Jerry WongMargate, Florida8th38.16%$1,100,076$419,776$680,300
Fernando PonsPalma, Spain9th45%$1,000,000$449,584$550,416

Here’s a table from the post:

Amount won at the final table$25,445,388
Tax to IRS$8,108,024
Tax to Franchise Tax Board (CA)$623,262
Tax to Agencia Tributeria (Spain)$449,584
Tax to New York Dept. of Taxation and Finance$422,752
Tax to Finanční Správa (Czech Republic)$290,293
Tax to New Jersey Division of Taxation$215,845
Total Tax$10,109,760

Read the full report here.

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