Bet365 manager Denise Coates gets ₤ 300m pay plan - a ₤ 170m cut

3 March 2022

ByRussell Hotten
BBC News

Bet365 boss Denise Coates took home about ₤ 300m throughout its last financial year - ₤ 170m down on the previous year - as development stalled.

The billionaire creator of the online betting company got ₤ 250m in wage and a share of the company's pay-out of ₤ 97.5 m in dividends.

Ms Coates, one of Britain's wealthiest women and a significant benefactor, has gotten a total of about ₤ 1.3 bn from the business in the previous five years.

Bet365 was created 21 years earlier.

Ms Coates and her brother John took control of a wagering shop service run by their father, spotting that online betting could change the industry. She now owns about half of the business.

Bet365's newest accounts submitted at Companies House reveal earnings were broadly flat at ₤ 2.82 bn in the first year of the pandemic, compared to ₤ 2.81 bn in the previous year.

Although not named in the accounts, Ms Coates has always been related to as the person referred to as "highest paid director". She is believed to be Britain's greatest private tax payer.

It's unclear why the pay fell a lot, although Bet365's revenues from sports betting was struck as the pandemic caused chaos to sporting schedules. An increase in wagering via online slots and gambling establishments assisted balance out the loss.

Bet365 stated: "At the start of the duration we experienced the nearly complete cessation of sporting events. However by the end of the first half of the year, we saw the resumption of sports with the large majority of European football leagues handling to conclude their domestic seasons."

Meanwhile, operating earnings increased by 47% year-on-year to ₤ 285.5 m, a gain the firm said was driven in large part by lowered pay packages for directors.

Bet365 made charitable contributions, mainly to the Denise Coates Foundation, of ₤ 103m, up from practically ₤ 90m the year before.

Ms Coates accomplished a superior degree in econometrics and later trained as an accounting professional within the household firm.

The business owns Stoke City football club, and is based in Stoke-on-Trent.