Largest Main Event ever (1 Viewer)

[Azanulbizar]

There's nothing against a chop to my knowledge, only that unlike some other big events, the WSOP doesn't facilitate any deal making, so the players must be willing to do it all themselves. I could be wrong, but I don't think there's anything against the rules about it. Since it's down to heads up, I doubt a chop was in effect, but who knows.

 

[Venturalvn]

There is nothing illegal with a chop, although the WSOP does not get involved and will not facilitate, which means if someone renegs on the deal, then that's the players' own problem. Greg Raymer has specifically said this has happened in the past, so caveat emptor.

 

[FDLmold]

Weinman’s JJ two outer with 14 left has led to heads up play now. So yeah it was worth a lot.

 

[doctorchips]

12,100,000

Not bad. How much do they have to give back to the tax man?

 

[bergs]

What are the chances that these guys made a 3-way deal at 7.33 million each?

PokerGo broadcast said nobody made a deal.

 

[bergs]

Steven Jones is a very active player at Talking Stick here. Most of his rail is family and friends from the poker room. Talking Stick Facebook page was blowing up today.

I played with him once late night at a mixed game table while he waited for a 3/5 NL seat to open. He picked up the games very very quickly for someone with zero experience. Would love see him bink this and be in the room when he comes back.

 

[bergs]

Bummer - saw that it just ended. Interesting last hand too.

 

[Moxie Mike]

12,100,000

Not bad. How much do they have to give back to the tax man?

Depending on the state they live in, probably somewhere in the ballpark of 37-45%. If they file their taxes as professional gamblers that may be reduced, but prize money is usually taxed pretty heavily.

 

[DrStrange]

It is ordinary income and taxed like earned income if the individual is a "professional gambler" Being a "pro" means you pay social security and Medicare taxes on top of the income tax.

For a main event win, the tax rate on the majority of the money is 37% federal plus state/local.

 

[doctorchips]

Depending on the state they live in, probably somewhere in the ballpark of 37-45%. If they file their taxes as professional gamblers that may be reduced, but prize money is usually taxed pretty heavily.

Damn, that is pretty heavy.

One area where Canadian tax law is much more lenient to U.S.

Gambling revenue will either be a windfall gain, which is not taxable, or business income, which is taxable. To be classified as business income, the taxpayer must have had a reasonable expectation of profit from the activity, which is based on their skill, consistency, and intention.

So just claim you're a donk and poof - no tax in Canadastan.

 

[Skagglio]

https://www.top10pokersites.net/new...p-me-final-table-finishers-get-varied-payouts If you are a pro playing for lots of money I think a UK citizenship is the way to go as gambling profits aren't taxed.

 

[w00zie]

https://www.top10pokersites.net/new...p-me-final-table-finishers-get-varied-payouts If you are a pro playing for lots of money I think a UK citizenship is the way to go as gambling profits aren't taxed.

Many German pros like Fedor live in Austria for that exact reason.

 

[Taghkanic]

PokerGo broadcast said nobody made a deal.

Not sure how they could know for certain.

 

[Legend5555]

Not sure how they could know for certain.

They also can't make any sort of public deal. WSOP won't facilitate deals. So any deal made is between the players themselves.

 

[Mr Winberg]

I could be wrong on all of the below, but I believe that...

that jump is actually less than 2006. still way more top heavy though.

... the WSOP ME back then paid the top 10%, and that the min cash was the buy in or thereabouts. Since they now pay the top 15% and the min cash is 15000, they spend way more money on those with small cashes than in 2006, so to reach 12 million for 1st they need it to be top heavy.

I like the pay jump. Really puts some incentive between first and second

...in the case of the WSOP ME, the title is worth a ton in itself. They could pay first and second the same and the incentive would still be huge. (Not saying they should)

From Wikipedia, 1972 the first year, 12 people were supposed to play but due to more attractive cash games, only 8 played.
Amazing to think the WSOP as a single table sit-n-go.

...I've read somewhere that it wasn't a tournament, they just played a bunch of poker and then voted. Legend has it that everyone voted on themselves, so they had to vote again on someone other than themselves. Johnny Moss won the vote. The next year it was a tournament and Moss won "for real".

 

[jr8719]

https://www.top10pokersites.net/new...p-me-final-table-finishers-get-varied-payouts If you are a pro playing for lots of money I think a UK citizenship is the way to go as gambling profits aren't taxed.

The one thing we have going for us a nation, thankfully!

 

[bergs]

Not sure how they could know for certain.

They were each asked. I suppose they could’ve lied but I don’t know why they would.