The boss of gambling giant Bet365, Denise Coates, was paid around £221 million during its last financial year, taking her earnings over the last four years to over £1 billion.
As reported by the BBC, Ms Coates’ salary saw a £7 million increase on the previous year, which has been outlined in Bet365’s accounts for the year to March 2023. This does not include the £50 million she will have received in dividends.
In 2020, Ms Coates’ yearly salary peaked at £421 million, excluding dividends, meaning her earnings over the past four years have reached at least £1.1 billion.
It is being described by campaign groups, such as the High Pay Centre, as unfair and unproportionate. Luke Hildyard, executive director of the High Pay Centre, told the BBC: “Ultimately, Britain’s prosperity depends on how the wealth our economy generates is shared.
“Pouring hundreds of millions of pounds more on top of billionaire fortunes every year isn’t a good way to maximise living standards and it over-values the contribution that the super-rich have made.”
Ms Coates’ recent pay rise comes despite the company reporting significant losses in the same financial year. The latest accounts reported the gambling giant’s revenues at £3.4 billion in the year to March 2023, which was up from £2.8 billion the year before. Such an increase in revenues can be attributed to a boost in activity during the FIFA World Cup in Qatar.
However, Bet365 also reported a pre-tax loss of £72.6 million compared to the £49.8 million profit they achieved in the 12 months prior. The company cites a “significant increase in costs” due to launching operations in the US and Canada as the primary reason behind the loss.
Who is Bet365 boss Denise Coates?
Ms Coates, who is believed to be one of Britain’s richest women, founded the Bet365 website in a portable building in a Stoke-on-Trent car park over 20 years ago and has since been the driving force behind its rise to becoming one of the largest online gambling companies in the world.
Her father and brother are joint chairmen of Stoke City Football Club, but it is Bet365 which is the primary driver of the family’s wealth.
Before launching Bet365, Ms Coates became managing director of her family’s chain of betting shops at the age of 22, and has since been instrumental in growing the group to becoming the largest private sector employer in Stoke.
According to the Sunday Times Tax List, the Coates family has paid £460.2 million to HM Revenue and Customs.
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