WSOP Winner Paying no Taxes on Win
This was published 16-11-2011Twenty two year old Pius Heinz who is this year’s champion of the World Series of Poker (WSOP) Main Event, will be able to benefit by a United States-German tax treaty whereby German players are exempted from payingUnited Statestaxes on any winning that they make from gambling. This will result in Heinz being able to keep every penny of the $8,715,636 first place prize. Heinz would have been required to pay 30% of his prize, amounting to approximately $2.6 million in taxes if the treaty had not been in place.
Denmark’s Peter Eastgate, the winner of the 2008 World Series of Poker Main Event, was left with less than $3 million of his prize of $9.1 million after having to pay out a massive 72.77% of his prize to his home country.
The winner of the World Series of Poker Main Event in 2010, Jonathon Duhamel, was required to pay over nearly half of his $8.9 million win toCanada’s taxman. Duhamel was required to pay tax at a rate of 48% amounting to $4.3 million which left him with $4.6 million.
TheUnited Statesalso shares a tax treaty exemption with theUnited Kingdomand ninth place finisher, Sam Holden, was therefore able to keep all of his $782,115 in winnings. Unfortunately, the rest of the 2011 World Series of Poker Main Event final table players are required to pay taxes on their winnings. A list of how much in taxes each November Nine player will be paying is set out below –
Country Before Tax After Tax Prize
Pius Heinz Germany $8,715,638 $8,715,638
Martin Stazko Czech $5,433,086 $4,618,123
Ben Lamb USA $4,021,138 $2,497,127
Matt Giannetti USA $3,012,700 $1,964,058
Phil Collins USA $2,269,599 $1,417,119
Eaoghan O’Dea Ireland $1,720,831 $1,025,813
Bob Bounahra Belize $1,314,097 $910.868
Anton Makievskyi Ukraine $1,010,015 $838,359
Sam Holden England $712,115 $712,115
Totals $28,279,219 $22,778,220
