The 2025 World Series of Poker (WSOP) Main Event once again proved that winning big in poker doesn’t necessarily mean keeping it all — thanks to the ever-looming taxman. While Michael Mizrachi walked away with the bracelet and the $10 million headline prize, a closer look — as analyzed by Russ Fox of TaxableTalk.com — reveals that taxes and international treaties played a pivotal role in determining who really came out on top financially.
From state income tax differences to cross-border gambling tax treaties, the final table became an unexpected showcase for global tax optimization. Whether you’re a poker fan, an aspiring WSOP player, or just curious about how poker winnings are taxed, the 2025 Main Event delivered more than just thrilling hands — it offered a lesson in real-world finance.
Who Actually Took Home the Most from the WSOP 2025?
Although Mizrachi earned the most both before and after taxes, some of his fellow finalists managed to retain a higher percentage of their winnings. Mizrachi, a Florida resident, avoided state tax but still owed close to $4 million in federal and self-employment taxes. His final take-home: just over $6 million — still the highest net payout at the final table.
Meanwhile, UK-based Kenny Hallaert, despite finishing fourth, kept every cent of his $3 million thanks to tax exemptions under the U.S.–U.K. treaty and British tax law. The same was true for Austria’s Luka Bojovic, who earned $2.4 million and paid zero in taxes due to similar treaties and domestic gambling tax exemptions.
Tax-Free Zones and Costly Countries
Spain’s Leo Margets made history as the first woman to reach the Main Event final table in 30 years. But despite earning $1.5 million, nearly half of that went to Spain’s notoriously high tax system. South Korea’s Daehyung Lee also lost over half of his $1 million prize due to a lack of favorable treaty terms and a steep local surtax.
Compare this to American finalists like John Wasnock (Washington), Braxton Dunaway (Texas), and Jarod Minghini (Nevada), who all reside in no-income-tax states. While they still had to pay federal income and self-employment taxes, the absence of state-level taxation boosted their final take-home pay.
Tax Impact Summary: Winners and Losers
| Player | Pre-Tax Winnings | After-Tax Winnings |
|---|---|---|
| Michael Mizrachi | $10,000,000 | $6,032,745 |
| John Wasnock | $6,000,000 | $3,790,106 |
| Kenny Hallaert | $3,000,000 | $3,000,000 |
| Braxton Dunaway | $4,000,000 | $2,524,527 |
| Luka Bojovic | $2,400,000 | $2,400,000 |
| Adam Hendrix | $1,900,000 | $1,202,000 |
| Leo Margets | $1,500,000 | $795,000 |
| Jarod Minghini | $1,250,000 | $768,447 |
| Daehyung Lee | $1,000,000 | $482,788 |
More than $10 million in taxes were paid by the final nine — with over $9 million going to the IRS alone. That’s 32.38% of total prize money lost to taxation.
The Strategic Value of Residency and Tax Planning
This year’s WSOP underscored how location can dramatically affect a player’s net earnings. Living in a state or country with tax advantages — or covered by a beneficial tax treaty — can mean the difference between millions kept or surrendered.
And for professional players, tax efficiency might be just as crucial as reading a bluff. The zero percent tax rates enjoyed by players from the U.K., Austria, and Nevada weren’t just lucky outcomes — they reflect intentional or fortunate residency decisions that massively impacted financial results.
Conclusion: In Poker and Taxes, Zero Is a Winning Number
The headline prize may grab attention, but it’s the after-tax winnings that tell the real story. Once again, the 2025 WSOP Main Event proves that where you live can matter more than where you finish. For many finalists, zero percent wasn’t just the best number at the poker table — it was the best number on their tax return.
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