“You never count your money, when you’re sittin’ at the table, there’ll be time enough for countin’, when the dealin’s done” – Kenny Rogers
The buzz of the 2016 WSOP Main Event Final Table is over, and now it’s time to count the money.
Nine players competed for their share of the $25,000,000 total prize pool. The mincash was a cool million Dollar with a staggering $8,005,310 up top, so you would expect that there are nine very happy people now, right?
Well, due to tax regulations, there are actually 10 as the biggest winner is the American tax department (IRS)!
With more than 10 of 25 Million Dollar going to the IRS it’s pretty obvious, who the real winner of the 2016 WSOP Main Event is.
How much taxes do countries claim?
The amount of tax money each player has to pay, is determined by their residency and home country’s laws.
Below is a short overview how much taxes the participating countries will claim:
- USA ($8,108,024)
- California ($623,262)
- Spain ($449,584),
- Canada ($370,051),
- Czech Republic ($290,293)
- New Jersey ($215,845)
- Fun Fact: Belgium lets Kenny Hallaert keep all of his winnings.
- Total Taxes: $10,109,760
How much are the players paying?
While the 6th place finisher Kenny Hallaert can keep all of his winnings, the others all have to pay taxes.
Runner-Up Gordon Vayo has to pay 51,46% of his winnings to his home state, leaving him with a total of $2,262,428 out of his $4,7 million prize.
The new WSOP Champion Qui Nguyen obviously has to pay the most taxes. He has to give up 41,51% of his winnings, earning his home state Nevada a whooping $3,324,157.
WSOP Final Table payouts and tax amounts
The following table is showing how much each of the November Nine earned and how much of it is claimed by the country they reside in:
| Name | Residence | Place | Tax in % | Winnings Before Taxes | Total Taxes | Winnings after Taxes |
| Qui Nguyen | Las Vegas, NV | 1st | 41.51% | $8,005,310 | $3,324,157 | $4,681,153 |
| Gordon Vayo | San Francisco, CA | 2nd | 51.46% | $4,661,228 | $2,398,800 | $2,262,428 |
| Cliff Josephy | Long Island, NY | 3rd | 48.40% | $3,453,568 | $1,674,568 | $1,779,000 |
| Michael Ruane | Maywood, NJ | 4th | 45.75% | $2,576,003 | $1,178,525 | $1,397,478 |
| Vojtech Ruzicka | Prague, Czech Republic | 5th | exempt, flat 15% income tax | $1,935,288 | $290,293 | $1,644,995 |
| Kenny Hallaert | Hansbeke, Belgium | 6th | 0% (no tax on gambling wins) | $1,464,258 | $0 | $1,464,258 |
| Griffin Benger | Toronto, Ontario, Canada | 7th | 30% withheld for U.S. income tax | $1,250,190 | $370,057 | $875,133 (can file a return to recover the losses) |
| Jerry Wong | Margate, Florida | 8th | 38.16% | $1,100,076 | $419,776 | $680,300 |
| Fernando Pons | Palma, Spain | 9th | 45% | $1,000,000 | $449,584 | $550,416 |
Conclusion
There was some big money exchanging hands in this years WSOP and a big chunk of it was not awarded to the players but to the tax officials. Tax is a factor in any money making activity and poker is no exception, but what troubles the poker community is the size of it.
What do you think, is the tax too high? Too low? Just about right? Let us know in the comment section.
