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Did Espen Jorstad Profit From WSOP 2022?

It’s been a while since Norwegian player Espen Jorstad became the world champion after clinching the World Series of Poker (WSOP) 2022 Main Event for a whopping $10 million. For a player who came with just $266K in live tournament cashes and a career-best of $74K, to win $10 million was a brilliant feat achieved.  

While winning $10 million is definitely impressive, how often does a player take home the entire amount? Those who are regular in the live poker scene, know that playing live tournaments is more than just paying the buy-in from your pocket and taking home the entire winning amount. It’s not that simple. Of the 8,000+ players who participated by paying a buy-in, only around 1,300 are actually taking home something. This means around 80% of the players are getting nothing in return for their buy-in.

Additionally, poker is a game of high variance. One hand, you can win a pot with, say, AA. Anotherr hand, you could lose the tournament with the same cards. That’s how fast the dynamics of the game can change. It’s important to secure and have some assurance for the money you invest. That’s where players resolve to practices like swapping, staking, splitting, among several such others to decrease their losses. 

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ALSO READ: WSOP 2022: Why Is ME Winner Espen Jorstad Feeling Unlucky?

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Recently, the WSOP 2022 ME champion Jorstad shared statistics about how the 2022 season of the WSOP went for him. He took to Twitter to share a detailed excel sheet about the various tournaments he played at the series. 

Here’s what Espen Jorstad shared:

Final numbers for Vegas summer! 📊

Excluding the main, I finished +$29,690 live, and maybe +$10k-$15k online.

For full transparency I had 14 different swaps (all between 1% and 7,5%) in the main, and ~56% of my own action. Very nice feeling to make my friends a lot of money! 🙌 pic.twitter.com/QtU2qoJ5lX

— Espen Uhlen Jørstad (@UhlenPoker) July 26, 2022

In his tweet, Espen also shared that apart from the $10 million he won from the ME, he cashed more than $29,690 in live events, and approximately $10,000 – $15,000 in online events.

He further added that he swapped with around 14 people during the entire course of the series. He swapped various ratios between 1% and 7.5% with his friends. Swapping is a practice where players swap a certain percentage of their play with friends or other players they trust. It’s a verbal agreement wherein, the player who runs deep in the tournament and manages to cash, shares the pre-decided percentage of his winning with the other player/s. As an example, two players decide to swap for 5%. Player A gets busted early in the tournament without cashing anything. However, Player B runs deep and finishes in the money and pockets $100,000. Out of his total winning, Player A will be entitled to get 5%, i.e., $5,000, even though he did not actually win directly from the tournament. Similarly, had Player B busted early and Player A cashed, Player B would be entitled to get the $5,000. 

Jorstad also disclosed that he paid 56% of the buy-ins from his own pockets while the remaining 44% was staked. He concluded the post by saying “Very nice feeling to make my friends a lot of money!” (sic)

Did Espen Jorstad Profit?

The image shared by the Norwegian suggests he played tournaments with buy-ins worth $56,100, out of which he paid buy-ins of $34,700. He fired a total of 26 bullets in 16 tournaments in Las Vegas this summer, which includes events at WSOP, Wynn, MGM, Aria and Venetian. Out of these he cashed at only five events. His total score stood at $10,085,790, of which he could rightfully take home $10,029,690. 

He won two bracelets and hefty winning amounts in both the events. He first shipped the Tag Team event with Patrick Leonard, where he cashed $73,533 for himself. Prior to that he had lost $43,843 after playing over 14 other tournaments. His approximate profits before the ME were about $40,000. Had he not cashed at the ME, his profit would have dropped by $10,000 (buy-in for the ME).

Additionally, considering the fact that he is a UK resident he would have spent a considerable amount for his accommodation, food and travel for his Las Vegas trip. In the given scenario, he would have left in red. However, the ME victory just proved to be a big booster to his bankroll.

So to answer the question, the 2022 summer in Las Vegas was indeed profitable for the latest world poker champion Espen Jorstad. According to the tweet, he made an overall profit of over $5,640,000 this summer, and he will keep all of it thanks to the favorable gambling tax laws in the UK. 

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