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WSOP Winners To Pay Big Tax To US
Thursday November 1, 2012 : TAX MAN ALSO WINS IN WORLD SERIES OF POKER PAY-OUTS
US winners will lose a chunk of their prizes to the IRS
Las Vegas tax consultant Russ Fox dampened some of the big money hype around the recently concluded 2012 World Series of Poker main event this week, commenting on his blog that US winners take a significant tax hit from the IRS.
In an interesting post, Fox estimates that Greg Merson's first prize of $8.53 million will be reduced to just $4,838,327 after he's coughed up $3,693,526 in federal and state taxes.
Fox says that Merson faces a tax hit that includes self-employment tax ($247,424), state income tax to Maryland ($469,252) and federal income tax ($2,976,850).
Runner up Jesse Sylvia's $5,295,149 pay check will attract a tax debit of around $2 million, Fox calculates, part of an estimated $10 million the US tax authorities will 'win' from the mainly US players around this week's WSOP main event final table.
By contrast, the only foreigner on the table, Hungarian player Andras Koroknai, will keep most of his $1.6 million prize.
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Gambling News :
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
Pennsylvania Online Gambling Updates -
Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.
WSOPE In Czech Republic -
World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.
BtoBet Partners with AfroBet -
Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.
Pissed off Tabcorp shareholders -
A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.
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