Sign up for news

Total of $12 Million: Outstanding Amount of Taxes to Be Paid by WSOP Winners

6 August 2019, 07:02
Votes: 1

World Series of Poker 2019 is finally over, and the players are about to pay incredible taxes in their resident countries.

Total of $12 Million: Outstanding Amount of Taxes to Be Paid by WSOP Winners

Winnings paid to the Main Event participants are estimated in tens of millions of dollars. Therefore, it is not surprising, that the total amount of taxes to be paid by the winners exceeds an eight-digit number.

The tournament’s champion Hossein Ensan won $10 million, but due to the German gambling legislation, he is obliged to contribute more than 45% of his prize to the country’s budget. However, there is another option. As Ensan considers himself as an amateur player, he may not have to pay anything at all because in Germany income tax for amateurs is 0%. Therefore, the authorities’ task is to prove his professional status.

Concerning eight other players, they also have to pay a significant part of their winnings (except for Mick Marchington, as the UK does not have taxes on gambling winnings). However, the tax rate depends on the country where they live. For example, if Serbia native Milos Skrbic (9th place, $1 million prize) lived on the territory of his Motherland, he would have paid significantly less than he is obliged to now as a California citizen. By the way, the tax rate on gambling in this American state is the highest among all winners’ residences – 47,4%. 

Therefore, if these gamblers (including the German player) pay all their taxes, they will amount to almost $12 million of their total winning of $31 million.

Comments:

No comments

Now read
29 May
Up