After the taxes, Demidov won more than Eastgate!

• Author: Qid
• Filed under: High Stakes News, Ivan Demidov, Peter Eastgate, Poker, Uncategorized, WSOP
• Date: Nov 24,2008

After the country of Denmark has taken their fair share of Eastgate’s top prize of $9.1, Eastgate will have less than $3 million of his money left. Denmark has one of the highest taxes on casino winnings in the world so major part of the prize money will go to taxes!

When it comes to casino winnings, the Danish government will take forty five percent of the first 4 million Danish Kroners that is won. One US dollar is worth 5.88907, so Eastgate won just under 54 DKK. If the winnings are more than 4 million DKK, the winner is taxed seventy five percent on everything that is left.

So the biggest winner of the WSOP 2008 will be the country of Denmark, as it will receive over $6.6 million in taxes paid by Eastgate and that is more than anyone won in this years WSOP! The effective tax percent of Eastgate is 72.77%, so the country of Denmark will get almost 3/4 of the first prize of Eastgate. Sick!

Eastgate knew about the heavy taxing of Denmark and that is why he tried to establish residency in London during the break of the Main Event to avoid the taxing. It is unknown if he succeeded, but it is probable that he needs to pay the taxes for Denmark anyway.

Eastgate may be happy in this picture, but maybe not after Denmark takes most of the money away!

Demidov on the other hand will be taxed only by a flat rate of 13%, so after the taxes he will still have over $5 million of his prize money left! So after the taxes, Demidov wins almost as much as Denmark!

The total tax bite of the final table is $14,793,41, 45.2 percent of all of the final table prize money, most of which goes to Denmark. United States tax office will also receive a big part of that chunk, but it is quite natural when there were 5 american players playing in the final table!

Here is the summary of the final table taxes:

Sources: Taxabletalk, Casinogamblingweb