Taxman ‘Wins’ $11,463,384 at WSOP Final Table

Jonathan Tamayo may have scooped $10million for outlasting his rivals to win the World Series of Poker Main Event this week, but the taxman was the biggest winner of all with a monumental $11,463,384 final table ‘cash’.

IRS3

Every year, as soon as the final hand is dealt in the biggest event on the poker calendar, Russ Fox of Clayton Financial and Tax of Las Vegas delves into who actually takes home what after the taxman grabs his huge bite.

With more than $31million in prizes at the final table, some 36.68% – $11,463,384 – will make its way to the various tax authorities, and Fox has detailed that breakdown below:

2024 WSOP Main Event Final Table Taxes:

Amount won at Final Table$31,250,000
Tax to IRS$8,576,384
Tax to Skatteverekt (Sweden)$1,400,000
Tax to Agencia Tributeria (Spain)$940,000
Tax to Illinois Department of Revenue$297,000
Tax to National Revenue Agency of Bulgaria$250,000
Total Tax$11,463,384

The Podium Payments

Winner Tamayo will have to hand over almost $4million to the IRS (Inland Revenue Service) but he does avoid state income tax being resident in Texas.

Jonathan Tamayo
Jonathan Tamayo (courtesy of WSOP)

Runner-up Jordan Griff doesn’t have to pay the self-employment tax Tamayo gets hit by, but being an Illinois resident, he will pay state income tax. Overall, a $2.5million hit to his $6million prizemoney.

Third spot went to Niklas Astedt, the Swedish crusher with $48million in online earnings to his name. Because the US and Sweden have a reciprocal tax treaty, none of his winnings will be held by the IRS, but Sweden’s tax authorities will eventually take about $1.4million of his $4million prize, according to Russ Fox.

GGPoker Review
$600 Bonus | 60% RB | 250$ VG Freeroll
New Customers Only | 18+ | T&C Apply
Upon making your first deposit on GGpoker using bonus code ´VIPGRINDERS`, you can choose between a 100% up to $600 first deposit bonus OR $50 Free Play. Players from UK will get a Matched Bonus & £40 Free Play You will also get up to 60% rakeback via the Fish Buffet, our private freerolls, races and various other GGPoker promotions.

The Best of the Rest

One of the curious things that taxation does is skew the final position of the players, in a financial sense. Only one player ‘laddered up’ this time round, Bulgaria’s Boris Angelov, who finished 5th for $2.5million but takes 4th after the taxman’s cut.

“The professional gambler benefits from the US-Bulgaria tax treaty (there is no withholding on his winnings),” states Fox.

Angelov1
Boris Angelov (courtesy of WSOP)

“Mr. Angelov also benefits from the Bulgarian tax regime; his gambling activity in Bulgaria is not taxed (the online and live cardrooms in Bulgaria do pay taxes). Bulgaria has a flat 10% income tax rate, so he gets to keep 90% of his winnings ($2,250,000).”

Of the nine players who all “won $1million” just by making the final table, only six will actually see such a sum (notwithstanding backing deals, swaps, etc.).

Spain’s brutal tax regime

Malo Latinois, Joe Serock and Brian Kim all drop under the 7-figure marker but it is 6th placed Andres Gonzalez who takes the biggest proportionate hit of all.

As Fox points out, Gonzalez – like Angelov and Astedt – won’t have IRS withholdings due to an international tax treaty between the USA and Spain.

However, Spain has one of the highest tax environments of all, so an estimated 47% of his $2million – a chunky $940,000 – will go to the Agencia Tributeria, Spain’s tax authority.

Gonzalez1
Andres Gonzalez (courtesy of WSOP)

Jail and Lives Upturned

If that makes you shudder and contemplate ways of somehow avoiding paying your share in Spain, be aware: the Agencia Tributeria was one of the first to cotton on to using Hendon Mob results to track winnings.

In 2017, Spanish-based poker pro Dragan Kostic received an 18-month prison sentence for not declaring his €532,000 ($766,438) runner-up cash at the EPT Barcelona Main Event in 2011.

He also received a €400k penalty as well as a back-tax bill of more than €230,000.

Another Spanish case, also dating from 2011, saw world-class chess Grandmaster Francisco Vallejo Pons hit with a tax bill of over half-a-million euros.

The AgenciaTributaria changed the law in 2012 to allow poker players and gamblers to offset losses against their tax burden. This was not applied retroactively, however.

“If you had the bad luck to play in 2011”, said Pons in a FaceBook post detailing his ill-health brought on by the tax demand, “your life may be shattered”.

WSOP Main Event Champ Hunted

Hossein Ensan, the 2019 WSOP Main Event winner, was another victim of the arcane and rather brutal Spanish tax laws, again connected to an EPT Barcelona Main Event.

Ensan won €652,667 following a 3-way deal at the 2014 EPT Barcelona Main Event and apparently clarified his tax status on returning to Germany. The Spanish authorities had a different idea, however, and later demanded close to €235,000 including interest and legal fees.

2024 WSOP Main Event Final Table estimated take-home winnings:

WinnerBefore-Tax PrizeAfter-Tax Prize
1. Jonathan Tamayo$10,000,000$6,007,698
2. Jordan Griff$6,000,000$3,492,192
3. Niklas Astedt$4,000,000$2,600,000
5. Boris Angelov$2,500,000$2,250,000
4. Jason Sagle$3,000,000$2,100,000
6. Andres Gonzalez$2,000,000$1,060,000
7. Brian Kim$1,500,000$908,874
8. Joe Serock$1,250,000$758,909
9. Malo Latinois$1,000,000$608,943
Totals$31,250,000$19,786,616

Terms and conditions apply. New customer offer and 18+ only. Should you require help regarding your betting pattern, please visit www.begambleaware.org.

Professional Poker Journalist
An avid poker player, he dreams of one day playing the WSOP Main Event and has promised himself he will fold aces and kings if he gets them on the first hand to avoid front-page headlines.
Filed Under: WSOP 2024 Live Poker News Poker News

Categories

GGPoker Welcome Bonus
Brands
Date (UTC-0)
Prizes
 
8th Dec 20:00
$250
15th Dec 18:30
$250
22nd Dec 18:30
$250
29th Dec 18:30
$250
5th Jan 18:30
$250
12th Jan 20:00
$250
19th Jan 18:30
$250
26th Jan 18:30
$250
31st Jan 18:30
$250
ewallet-general-banner-new-version-2021