The world feels hunky-dory when you win a prize money of $12.1 Million after nailing the World Series of Poker (WSOP) 2023 Main Event (ME). But when you don’t get the entire sum of that money because tax rules are playing bitch. And not just any bitch, but the one looking to rain on your parade.
Daniel Weinman won the prestigious WSOP 2023 ME while wads of cash ($12.1 Million, nonetheless) was kept in front of him. But did he take all of that home? No, hell no!
He only took home $6,969,679 after paying a whopping $5,130,321 in taxes. Oh yeah. Why? Keep reading further to know more.
Daniel Weinman wins the WSOP 2023 Main Event for $12.1 Million
As per US tax laws, gambling winnings are taxed just like it would be on income. This means, when WSOP got down to business of writing Weinman his pay cheque, the amount was cut by 37% and the remaining was sent to the winner. The 37% tax cut is then sent to the IRS as federal income tax. Hurts like hell right? Sure does.
You know what hurts more? Not all the final table players had similar tax cuts. There are three players from Scotland, England and Italy who did not pay a dime in tax money on their WSOP 2023 ME cash rewards. Yes folks, these three will get a pay cheque of the full amount, no deductions whatsoever.
Who are these players? They are Dean Hutchison, Toby Lewis, and Daniel Holzner. Life is good for these three fellas. What about the other three players? Yes, there was one from Germany and the other two from Ukraine and Spain.
German laws have put taxes on professional poker players whereas non-professionals, who call themselves hobbyists, have no taxes levied on them when it comes to winnings. Jan-Peter Jachtmann from Germany won $3,000,000, faces a tax amounting to $1,405,678 and will get a pay cheque of $1,594,321.
Further, Spanish player, Juan Maceiras had a payday of $1,125,000. From this, $482,475 goes down the tax drain and the remaining $642,525 will go to Maceiras. Ruslan Prydryk from Ukraine scooped $2,400,000 in prize money only to face a tax worth $465,454. This leaves him with $1,934,546 in winnings.
Bottom line of these cruel tax regimes is that the final table prize money stood at $33,300,000. An estimated sum of $11,575,951 was paid in taxes, with players from Italy, Scotland and England enjoying the full benefits of their winnings due to zero taxes.
With a Masters Degree in Journalism and Communication, Mrinal Gujare currently is cruising through an exciting genre of writing and editing at Gutshot Magazine. Apart from being an Editor, Mrinal is an avid reader and a former contemporary dancer. She is also perennially hungry for intriguing scoops from across the globe. No holds barred is the rule Mrinal follows in life.
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