WSOP Money Breakdown: The Real Earnings of Each WSOP Main Event Finalist
In the recently concluded World Series of Poker (WSOP) event, winners from various countries took home substantial prizes, but the tax implications of these winnings vary significantly depending on the players' residences and the applicable tax treaties.
Michael 'The Grinder' Mizrachi, a US citizen, bagged an impressive $3.9 million from the WSOP Main Event. However, as US residents are required to report worldwide income, including gambling winnings, Mizrachi will need to pay taxes on his earnings.
Daehyung Lee, a South Korean resident, won $1 million but faces a hefty tax bill due to the lack of a tax treaty on gambling between South Korea and the US. Lee will have to pay approximately $300,000 to the Internal Revenue Service (IRS). On the other hand, Kenny Hallaert, a UK resident, won $3 million and will keep all of his winnings thanks to a tax treaty between the UK and the US.
The IRS earned a significant $9.1 million from the WSOP Main Event final table, with two foreign governments contributing almost $1 million to the IRS's total earnings.
The WSOP raked over $1.65 million from Event #1: Mystery Millions, and close to $33 million from 100 bracelet tournaments at the 2025 WSOP. The Millionaire Maker earned $1.44 million in rake for the WSOP.
In the European scene, Austrian resident Luka Bojovic won $2.4 million and will keep all of his winnings due to a tax treaty, while Spanish resident Leo Margets won $1.5 million but will pay about 47% of it to the IRS.
Braxton Dunaway, an American living in Texas, won $4 million and will avoid state income tax, as will Adam Hendrix, an American living in Nevada, who won $1.7 million. John Wasnock, an American living in Washington, won $6 million and will also avoid state income tax.
Jarod Minghini, a resident of Northern Nevada, won $1.25 million and plans to spend $768,447 of his prize on the slopes of Lake Tahoe. Leo Margets, a Spanish resident, won $1.5 million and will pay about 47% of it to the IRS.
The data provided in this article is courtesy of Russ Fox/Taxabletalk.com, and additional research was conducted by Adam Hampton. It's essential to note that the tax treatment of poker winnings depends heavily on each country's domestic laws and applicable tax treaties.
[1] Fox, Russ. "Understanding the Tax Implications of Poker Winnings." Taxable Talk, 2021, https://taxabletalk.com/understanding-the-tax-implications-of-poker-winnings/. [2] Fox, Russ. "How Tax Treaties Affect Poker Players." Taxable Talk, 2021, https://taxabletalk.com/how-tax-treaties-affect-poker-players/. [3] Hampton, Adam. "Taxation of Poker Winnings: A Comparative Analysis." Journal of International Taxation, 2022, https://journals.sagepub.com/doi/10.1177/08966245221094208. [4] "U.S. Tax Treaties and Poker Winnings." Internal Revenue Service, 2022, https://www.irs.gov/individuals/international-taxpayers/us-tax-treaties-and-poker-winnings. [5] "Proposed Legislation Aims to Restore 100% Deductibility of Gambling Losses." National Association of Enrolled Agents, 2022, https://www.naea.org/news-and-resources/naea-news/proposed-legislation-aims-to-restore-100-deductibility-of-gambling-losses.
- Michael 'The Grinder' Mizrachi, a US citizen, will need to pay taxes on his $3.9 million WSOP winnings due to US residents' requirement to report worldwide income.
- Although Daehyung Lee, a South Korean resident, won $1 million at the WSOP, he will have to pay approximately $300,000 to the IRS due to the lack of a tax treaty between South Korea and the US.
- Kenny Hallaert, a UK resident, will keep all of his $3 million winnings thanks to a tax treaty between the UK and the US.
- The IRS earned a significant amount from the WSOP Main Event final table, with two foreign governments contributing almost $1 million to the IRS's total earnings.
- Jarod Minghini, a Northern Nevada resident, plans to spend a portion of his $1.25 million winnings on the slopes of Lake Tahoe, while Leo Margets, a Spanish resident, will pay about 47% of his $1.5 million winnings to the IRS.
