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2011 WSOP: The taxman can't touch Pius Heinz's $8.7 million |
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Tags:
2011 november nine, 2011 wsop main event, pius heinz, tax.
Posted on 15 November 2011 by "T".
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 When Pius Heinz won the 2011 World Series of Poker main event last week he collected amazing $8.7 million and became the first German main event winner in WSOP history. So, how much will be taxed by his native country Germany? The answer is none, nothing, nada. According to CNBS sports analyst Darren Rovell, who tweeted a story by Fox that breaks down the tax situation for each 2011 November Nine player.
"Heinz benefits from the U.S.-Germany Tax Treaty, under which gambling income earned is "exempt from U.S. taxation." And, since Germany considers gambling to be a use of after-tax money, Heinz will keep all of his $8,715,638 in winnings," Rovell wrote on his twitter.
But if we should believe what some poker sites write, Heinz will still have to give 30% of those winnings to a friend who staked him with $3,000 of the $10,000 buy-in. Well, still he will get to keep much more than, for example, 2008 champ Peter Eastgate who handed over a reported 73 percent of his $9.1 million winnings to the Danish government - i.e. Eastgate got to keep less than $3 million.
According to a chart by Fox, $5.4 million of the $28.2 million 2011 WSOP main event final table prize pool is considered taxable income (18.91 percent). At last year's final table that was nearly 43 percent, but Fox notes that every player at the 2010 final table was subject to taxation.
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20 comments on "2011 WSOP: The taxman can''t touch Pius Heinz''s $8.7 million"
| Macubaas | 15/11/2011 10:27:45 GMT |
I'm actually happy for Pius ans especially for the way the german gov thinks about poker game in general...
They are 100% correct when they say that you need to invest money in poker in order to make money and those money that you first invest were already imposited...
I'm sure Pius will maek something smart with them 
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| BeMyATMplz | 15/11/2011 11:36:38 GMT |
Posted by Macubaas:
I'm actually happy for Pius ans especially for the way the german gov thinks about poker game in general...
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Online poker is forbidden here...
Also,I doubt he gets to keep it all.
It's true that in general gambling-winnings are tax free,however,they also tax online poker winnings of people who frequently cash out to their bank accounts (I dont know how both rights can be combined,but they just do it),and I doubt they will let him through with such an amount
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| Fakiry | 15/11/2011 11:38:54 GMT |
| Pius was already happy for having won the 2011 WSOP and now he is even happier to know that he will keep all the prize, not having to share it with the Government. I can understand this decision. If players paid a tax when starting to play this tourney, that means the prize already have a tax discount. On the other side, one buys a Euromillion ticket and that value isn’t taxed, which means the big first prize everyone dreams about will be taxed, no matter the country.
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| starbay | 15/11/2011 11:56:03 GMT |
| i hope he gets to keep the lot of his winnings,he deserves it,they should try and tax the greedy bankers/bondholders who caused the recession in europe and @fakiry the euromillions draw is tax free except in switzerland
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| Garmer | 15/11/2011 13:05:43 GMT |
| Didn't Eastgate move to the UK before the final table was played so that he avoided paying a huge amount of taxes?
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| SuperNoob | 15/11/2011 15:08:44 GMT |
45-75% of taxes on poker winnings is insane ( 45% tax on the first $4 million in winnings and 75% on anything over $4 million)
how is someone in denmark supposed to maintain profit after this much tax?
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| Cliffem | 15/11/2011 15:38:00 GMT |
| I hate players being taxed.Poker and gambling winnings should never be subject to taxation imo!!
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| Macubaas | 15/11/2011 16:04:18 GMT |
Then how it comes that german poker players are very present at the pokerstars real money tables???
Online poker is banned but you are still "allowed" to play?
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| BeMyATMplz | 15/11/2011 16:07:13 GMT |
Posted by Macubaas:
Then how it comes that german poker players are very present at the pokerstars real money tables???
Online poker is banned but you are still "allowed" to play? |
It's not banned,it's illegal,but not banned in the sense of websites getting blocked (the same in the case in poland too I think)
You also dont get any punishment or anything if you play,its pretty much a useless law
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| B1gfoot | 15/11/2011 16:08:42 GMT |
Posted by BeMyATMplz: Posted by Macubaas:
I'm actually happy for Pius ans especially for the way the german gov thinks about poker game in general...
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Online poker is forbidden here... Also,I doubt he gets to keep it all. It's true that in general gambling-winnings are tax free,however,they also tax online poker winnings of people who frequently cash out to their bank accounts (I dont know how both rights can be combined,but they just do it),and I doubt they will let him through with such an amount |
WSOP is live, and he will get it all, the law is on his side.
TBH Germany is muddled its self up, first they make a law, in short saying all forms of online gambling are illegal in Germany, they then do nothing to enforce it, ie. ensure banks don't fund it or block sites etc etc, so why, simple because the law means shit when the European Union legislation specifically allows online gambling, its the same reason why the UK is not jumping on the BANdwagon, and taxing is too hard to control the way they would like to, for me tax is fine, i'm self employed.
I actually think anyone playing poker for a living should pay tax, they use the taxpayers money every day, why should they be exempt? Its economic sence, work pay tax.
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| Serpang | 15/11/2011 16:29:59 GMT |
Posted by BeMyATMplz: Posted by Macubaas:
Then how it comes that german poker players are very present at the pokerstars real money tables???
Online poker is banned but you are still "allowed" to play? |
It's not banned,it's illegal,but not banned in the sense of websites getting blocked (the same in the case in poland too I think) You also dont get any punishment or anything if you play,its pretty much a useless law |
useless law is good words for me . I agree 100%. So dont take tax . They dont banned poker site because they know it's stupid law.  Poker tournament is TOURNAMENT !! SAME like Tennis, Football etc. I hope oneday casino will separate poker from casino game and declare poker is mind game, not gambling !!!!!!!!!!!!
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| EimsbushKing | 15/11/2011 16:41:53 GMT |
it wasnt a friend who staked him,get your facts right.
it was a big russian staking forum who bought 30% of the action.
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| Mucking | 15/11/2011 17:37:59 GMT |
What a fucking Joke...
Where the H.ll did you get eastgates numbers of % from?
As mentioned. Eastgate moved to the UK before November 9 to avoid the taxes!
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| BeMyATMplz | 15/11/2011 17:43:05 GMT |
Posted by EimsbushKing:
it was a big russian staking forum who bought 30% of the action. |
Yep,can confirm that,the guys' name runnin gthe fund is ,he's buying loads of action of highstakes MTT players at big live events.
Heinz also swapped 2% with "firaldo",he's a member of a staking forum I'm in.
mbn to score 175K by railing sick thing about it is,the swap was done on day 1
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| GIOMi6 | 15/11/2011 21:38:45 GMT |
| In some countries taxes are used for politician's their own benefits and not of the people of that country, so I congratulate Heinz with his tax-free winnings.
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| oki_dos | 16/11/2011 05:23:49 GMT |
that's cool, in my country is 35% for taxes, lots of money... 
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| Chartoule | 16/11/2011 11:42:06 GMT |
Hello!
Perhaps you do not have to pay taxes (immediately) by the poker winnings but will have to do sooner or later. Know of any government to stop tax-free income for millions of $ $? I do not.
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| shaded | 16/11/2011 13:01:28 GMT |
| Hahahah so lucky he is, not only he won the bigest tourney in poker world he also gets to keep "all" of his 70% maaan...im about to watch the final table recordings lets see how he won :]
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| bobbyneight | 20/11/2011 11:26:48 GMT |
| he's lucky. In switzerland I think you have to pay ,depending where exactly you live, up to 50 per cent of your winnings
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| Satjah | 03/12/2011 22:51:09 GMT |
I wanna set one thing rigth:
Nobody has stacked Pius Heinz.
He pays the 10000 from his own bankroll and Nobody has helped him with money,
thats what he self said at the german TV Show "TV TOTAL"
German Players get now a lil bit more Respect on the tables i hope so
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