- Joined
- Jan 22, 2024
- Messages
- 3,921
- Reaction score
- 1,360
- StockPoker Screen Name
- BawseGrind1
Winning a million-dollar payday at the WSOP sounds like a dream come true, but for one 2026 Main Event finalist, the tax bill took an enormous bite out of his winnings.
The nine finalists of this year's WSOP Main Event collectively won $30.25 million, but according to an analysis by poker player and federally licensed tax professional Russell Fox, more than $12.2 million will go to tax authorities.
The biggest hit came for Jamie Shaevel, who finished seventh for $1.5 million. Fox estimates Shaevel will owe approximately $598,373 to the IRS and another $157,127 to California, putting his total estimated tax rate at 50.37%. That leaves him with roughly $744,500 from his $1.5 million score.
Interestingly, the tax burden varied dramatically depending on where each player lived and their tax status. Canada's Rami Hammoud, for example, finished sixth for $1.75 million and is estimated to keep about $1.228 million after a mandatory 30% U.S. withholding.
Here's how the final table stacks up according to Fox's estimates:
Overall, Fox estimates the final nine will keep approximately $17.98 million of their $30.25 million in winnings, meaning an estimated 40.58% of the total prize money goes toward taxes.
It's a good reminder that when you're talking about life-changing poker scores, the number on the payout slip isn't necessarily what ends up in the player's bank account.
What do you think? Would a tax bill of more than 50% change how attractive playing major live tournaments is to you?
Source: Poker.org – One WSOP Main Event finalist lost over half his winnings to the taxman
The nine finalists of this year's WSOP Main Event collectively won $30.25 million, but according to an analysis by poker player and federally licensed tax professional Russell Fox, more than $12.2 million will go to tax authorities.
The biggest hit came for Jamie Shaevel, who finished seventh for $1.5 million. Fox estimates Shaevel will owe approximately $598,373 to the IRS and another $157,127 to California, putting his total estimated tax rate at 50.37%. That leaves him with roughly $744,500 from his $1.5 million score.
Interestingly, the tax burden varied dramatically depending on where each player lived and their tax status. Canada's Rami Hammoud, for example, finished sixth for $1.75 million and is estimated to keep about $1.228 million after a mandatory 30% U.S. withholding.
Here's how the final table stacks up according to Fox's estimates:
| Player | Prize | Estimated After-Tax |
|---|---|---|
| Lucas Jumalon | $10,000,000 | $6,009,174 |
| Lauri Saaskilahti | $6,000,000 | $3,227,000 |
| Greg Mueller | $3,750,000 | $2,628,000 |
| Michael Gagliano | $2,750,000 | $1,419,317 |
| Han Feng | $2,250,000 | $1,360,247 |
| Rami Hammoud | $1,750,000 | $1,228,000 |
| Jamie Shaevel | $1,500,000 | $744,500 |
| Mario Boos | $1,250,000 | $706,299 |
| Evagoras Evagorou | $1,000,000 | $653,500 |
Overall, Fox estimates the final nine will keep approximately $17.98 million of their $30.25 million in winnings, meaning an estimated 40.58% of the total prize money goes toward taxes.
It's a good reminder that when you're talking about life-changing poker scores, the number on the payout slip isn't necessarily what ends up in the player's bank account.
What do you think? Would a tax bill of more than 50% change how attractive playing major live tournaments is to you?
Source: Poker.org – One WSOP Main Event finalist lost over half his winnings to the taxman
I’ll be doing a giveaway for one of our home games on StockPoker when we hit 20,000 posts. We’re also at 3,502 threads! Thanks everyone for helping the community continue to grow!