Bet365: UK's best-paid boss hits ₤ 323m prize

Bet365 boss Denise Coates has received a ₤ 323m payday, validating her position as the UK's best paid executive.

The co-founder of the online betting firm was paid a ₤ 277m wage plus dividends as the popularity of online betting continues to grow.

The firm's accounts, external show that in the year to end-March her wage increased from ₤ 220m on the previous duration.

But the rise comes as the market dealt with installing criticism, including over children gambling.

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The privately held business is owned collectively by Ms Coates and members of her direct household, including her sibling John, who is joint chief executive, and her daddy Peter, the company's chairman.

Ms Coates made a first-rate degree in econometrics - the application of statistical techniques to economic information - from Sheffield University before joining the High Street betting firm, run by her dad.

She determined the potential of online betting in 2000 and purchased the domain Bet365.com so that she might drive the family service in that direction.

Bet365 made an earnings before tax of ₤ 791m in the year, compared with ₤ 661m the year before.

The firm paid dividends of ₤ 92.5 m, half of which are believed to have gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of firms owns Stoke City Football Club, that made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which monitors earnings, stated the timing of the release of the Bet365 results looked "cynical", offered it was simply after a basic election.

High Pay Centre executive director Luke Hildyard said: "This appears like cynical timing, slipped out straight after a basic election campaign where excess wealth, taxes on the abundant and the large gap between those on top and everybody else have actually been key problems."

He added: "Business success need to be incentivised and rewarded, but a payment a portion of this promotion code size would still pay for a way of life beyond the wildest dreams of most people."

Mr Hildyard said there was "plainly scope" for those collecting such amounts to pay their employees more or contribute more in taxes.

Child betting

In October, Cardiff University research suggested that two-fifths of 11 to 16-year-olds had bet in the past year.

The study said this was "especially worrying, considered that throughout the UK, the majority of forms of commercial gaming are only legal for those aged 18 and over".

Fruit devices were the most popular form of gaming, followed by playing cards for money with friends and scratchcards.

Dr Graham Moore of the Centre for the yohaig code Development and Evaluation of Complex Interventions for Public Health Improvement stated at the time: "The evidence shows that people who gamble previously in life are more likely to end up being problem gamblers in the adult years."

However, a Gambling Commission research study in October, external recommended that 11% of children had bet within a week of the study being carried out.

But in addition, the regulator cautioned in July, external of research study that indicated links in between "problem gambling and suicidal thoughts or attempts".

Bet365 states it has "a steadfast commitment to provide industry-leading approaches to gamer defense", consisting of tracking client betting, and says it will "end the [consumer] relationship if it feels the danger of harm is expensive".

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