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The 2024 WSOP Main Event finalists are expected to fork over more than eleven million dollars in taxes.

At the 2024 WSOP Main Event, the victorious nine professional poker players are required to hand over more than 11 million USD in taxes from their prize winnings exceeding 31 million USD.

SymClub
Aug 29, 2024
3 min read
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At the 2024 WSOP Main Event, leading poker experts are required to shell out more than 11 million...
At the 2024 WSOP Main Event, leading poker experts are required to shell out more than 11 million USD (approximately 10,111,200 Euros) from their prize money earnings.

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The 2024 WSOP Main Event finalists are expected to fork over more than eleven million dollars in taxes.

The Final Nine of the WSOP Main Event 2024 in Vegas Took Home a Collective Prize Pool of Over $31 Million (€28.495.200). Yet, They Had to Part with Over $11 Million (€10.111.200) in Taxes.

The top nine contenders at the 2024 WSOP Main Event finale in Vegas pocketed a combined $31,250,000 in winnings. However, their delight was short-lived as they were obligated to shell out taxes on their poker earnings. The total tax payment amounted to a hefty $11,463,384 (€10,537,142.57). Here's a breakdown of the tax payments and an analysis of the taxation scenario for poker winnings in Germany and Austria:

2024 WSOP Main Event: Tax Charges totaling $11,463,384

The final nine competitors at the WSOP Main Event 2024 took home a staggering $31,250,000 in total prizes. Regrettably, they couldn't keep it all, as they were required to pay taxes on their poker winnings. The tax burden totaled a substantial $11,463,384 (€10,537,142.57) and was distributed as follows:

  • Jonathan Tamayo, Prize Winnings: $10,000,000 (€9,192,000), Taxes: $3,992,302 (€3,669,724)
  • Jordan Griff, Prize Winnings: $6,000,000 (€5,515,200), Taxes: $3,492,192 (€3,210,022.89)
  • Niklas Astedt, Prize Winnings: $4,000,000 (€3,676,800), Taxes: $1,400,000 (€1,286,880)
  • Jason Sagle, Prize Winnings: $3,000,000 (€2,757,600), Taxes: $900,000 (€827,280)
  • Boris Angelov, Prize Winnings: $2,500,000 (€2,298,000), Taxes: $250,000 (€229,800)
  • Andres Gonzalez, Prize Winnings: $2,000,000 (€1,838,400), Taxes: $940,000 (€864,048)
  • Brian Kim, Prize Winnings: $1,500,000 (€1,378,800), Taxes: $591,126 (€543,363.02)
  • Joe Serock, Prize Winnings: $1,250,000 (€1,149,000), Taxes: $491,091 (€451,410.85)
  • Mario Latinois, Prize Winnings: $1,000,000, Taxes: $608,943 (€919,200)

The taxation on poker winnings is primarily dependent on the tax laws of the player's native country. Moreover, the USA imposes a tax rate of roughly 30% on foreign players as a withholding tax. In 2023, Daniel Weinmann, the winner of the WSOP Main Event, had to cough up approximately $5,520,000 (€4,983,456) in taxes.

Poker Winnings Taxation in Germany and Austria

The taxation of poker winnings can vary per country. For instance, in the DACH region, significant differences can be noted between Germany and Austria in the taxation of poker and gambling winnings.

In Germany, individuals who depend on poker for income must list it in their income tax declaration, adhering to the German Income Tax Act. Regular poker participation and winning amounts will determine whether one qualifies as a professional player.

The income is then taxed at the individual income tax rate of the poker player. If the tax office perceives the game as a profession, business registration and business tax payments become necessary.

In Austria, poker winnings earned via licensed online providers or state-run casinos, such as the Casino Velden am Woerthersee, are generally tax-exempt. This applies to both professional players who make a living from poker and hobbyists. These regulations are also applicable to winnings from online casinos or betting providers.

German Poker Professionals Sporting Residency in Austria or the UK due to Tax Regulations

In comparison to Germany, poker players in Austria (and the UK) do not have to pay any taxes on their winnings. However, the legal certainty also attracts players from Germany to Austria.

In Germany, there may be legal discrepancies over the classification of a player as a professional poker player, thereby mandating tax payments.

Fedor Holz moved to Austria as early as 2013. Throughout his career, Holz has amassed millions in poker earnings, benefiting from the tax exemption in Austria.

It remains to be seen whether more poker professionals will consider relocating their residences from Germany to Austria or other countries to enjoy the tax exemption in poker.

After winning a collective $31,250,000 at the 2024 WSOP Main Event, the top nine contenders faced a significant tax burden, eventually paying out over $11,463,384 in taxes. The taxation of poker winnings varies globally, with Germany requiring professional poker players to declare their income and pay taxes according to their individual income tax rate.

On the other hand, Austria exempts poker winnings earned via licensed online providers or state-run casinos from taxation, attracting many players, including Fedor Holz, who moved to the country to benefit from this tax exemption.

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