Mizrachi Pays $4 Million to the State
Michael “The Grinder” Mizrachi, a professional from Miramar, Florida, delivered one of the most iconic performances in WSOP history. Following a historic victory in the $50,000 Poker Players Championship (his fourth title in this elite format), he capped off his summer with a win at the Main Event, taking home the world champion title and a $10 million prize.
However, from this $10 million, he will actually keep $6,032,745. As a U.S. tax resident and a professional player, he must pay federal income tax plus self-employment tax. Thanks to his Florida residency, he avoids state income tax, which is a significant saving compared to players from California or New York.
Overall, Mizrachi's tax bill from his Main Event win comes to approximately $3,967,255, nearly 40% of the sum.
The Advantage of Being an Amateur
John Wasnock, an investment consultant from North Bend, Washington, secured a life-changing $6 million by finishing second. Wasnock doesn't have to pay state tax since Washington, like Florida, doesn’t levy an income tax. Even better news for him, he isn’t a professional player, so he’s exempt from self-employment tax as well.
This means Wasnock will only pay the federal tax, amounting to $2,209,894 (nearly 37%), leaving him with $3,790,106 after taxes.
Third-place finisher Braxton Dunaway from Midland, Texas, is in the same favorable position as Wasnock. Living in a state without income tax and as an amateur player, he will give up roughly $1,475,473 of his $4,000,000 winnings (almost 37%).
Tax Havens of Europe
Kenny Hallaert, a well-known Belgian pro, made it back to the final table of the Main Event after nine years, finishing fourth and taking home $3,000,000. Although he’s originally from Belgium, he currently resides in London, which places him in a remarkably advantageous position tax-wise. The tax treaty between the U.S. and the U.K. exempts gambling winnings from taxation. Moreover, poker winnings aren't taxed in the U.K. Simply put, Hallaert keeps his full $3 million.
The same situation applies to fifth-place Luka Bojovic, a Serbian player residing in Vienna. The U.S.-Austria tax treaty also exempts poker winnings from double taxation, and Austria does not tax gambling winnings either. Therefore, Bojovic will retain the entire $2.4 million.
Margets Made History but Loses Nearly Half Her Winnings
Leo Margets became the first woman in 30 years to reach the WSOP Main Event final table – the last being Barbara Enright in 1995. The Spanish pro from Barcelona became a fan favorite, with hopes pinned on her for a historic win. However, Margets finished seventh, earning “only” $1,500,000.
Thanks to the tax treaty between the U.S. and Spain, she didn’t have to pay U.S. taxes, but Spain’s tax reality is much harsher. She must pay approximately 47% in taxes to her country, totaling $705,000, leaving her with an estimated $795,000 – notably less than players from countries with more favorable tax regimes.
Sad Record Holder Daehyung Lee
Daehyung Lee made history as the first South Korean to reach the WSOP Main Event final table. His $1 million prize for ninth place, however, bears the highest taxes of all the finalists. The U.S. and South Korea don’t have a treaty exempting gaming winnings from taxation. As a result, $300,000 of his prize was automatically withheld by the IRS.
Yet, Lee’s tax obligations didn’t end there. In South Korea, gambling income is subject to a progressive rate up to 45% plus a 10% local surcharge. After applying credits for U.S. withholding, total taxes are estimated at $517,212 (almost 52%). His estimated net take-home is just $482,788, making Daehyung Lee the unfortunate record holder at this year's final table in terms of taxes.
An Important Choice for Every Player
In the era of globalized poker, playing well is no longer enough. The country of residence, tax treaties between states, and player status (amateur vs. professional) significantly impact what a player actually takes home from a tournament. Who would have thought that the greatest skill in poker might be choosing the right country for permanent residency? The earnings of the WSOP 2025 Main Event finalists clearly demonstrate this.
| # | Name | Pre-Tax Winnings | Tax | Post-Tax Winnings |
| 1. | Michael Mizrachi | $10,000,000 | $3,967,255 | $6,032,745 |
| 2. | John Wasnock | $6,000,000 | $2,209,894 | $3,790,106 |
| 3. | Kenny Hallaert | $3,000,000 | $0 | $3,000,000 |
| 4. | Braxton Dunaway | $4,000,000 | $1,475,473 | $2,524,527 |
| 5. | Luka Bojovic | $2,400,000 | $0 | $2,400,000 |
| 6. | Adam Hendrix | $1,900,000 | $698,000 | $1,202,000 |
| 7. | Leo Margets | $1,500,000 | $705,000 | $795,000 |
| 8. | Jarod Minghini | $1,250,000 | $481,553 | $768,447 |
| 9. | Daehyung Lee | $1,000,000 | $517,212 | $482,788 |
Earnings for Organizers: Rake Nearly $50 Million
Not only tax offices but WSOP organizers also significantly benefited this summer. Throughout WSOP 2025, 246,960 entries were registered across 100 live tournaments, amassing total buy-ins of $528,940,009. Prize pools distributed $481,761,879, with organizers retaining $47,020,650.
These earnings for organizers consisted of:
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$32.9 million as entry fees,
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$14.1 million designated for dealers and staff.
Source: WSOP, PokerNews, Taxabletal
