Bet365 gaming boss makes ₤ 213m in one year

6 January 2023

The boss of betting company Bet365 was paid more than ₤ 200m in just one year, which is one of the greatest wages ever awarded in the UK.

The highest paid director of Bet365 Group, believed to be creator Denise Coates, earned a salary of ₤ 213.4 m in the year to March 2022.

She was likewise entitled to a minimum of half of ₤ 100m in dividends, in spite of a fall in earnings.

Bet365 did not right away react to the yohaig code BBC's ask for comment.

But campaign groups such as the High Pay Centre struck out at the announcement, arguing it worked as a suggestion that "excessive [money] is going to too few individuals" in the UK economy.

Its representative Andrew Speke said: "It shows if the government desired to provide higher assistance to those having a hard time and increase the pay of striking public sector employees dealing with genuine wage cuts, increasing tax on high earnings and wealth would be among the most efficient ways of moneying this promotion code."

Labour MP Carolyn Harris, who co-chairs a cross-party parliamentary group examining gambling-related damage, said that losses made by users as rates are rising "are spending for the big salaries of gambling bosses".

She called on the federal government to bring forward its white paper on betting and update laws that have actually remained in place for decades.

Ms Coates established the Bet365 website in a portable structure in Stoke-on-Trent more than 20 years earlier. She is thought to be among Britain's richest women and amongst the best-paid bosses worldwide.

After training as an accounting professional she assisted construct the group into among the biggest online gaming business from her daddy's bookmaking organization. Her sibling is likewise co-chief executive.

According to the most current business accounts, external, Ms Coates got a salary of nearly ₤ 250m salary the year before.

Piling cash into efforts to broaden internationally saw the Bet365 group's profits dive.

Bet365 earned a profit before tax of ₤ 49.8 m for the year, taking into account a ₤ 26.2 m loss from its ownership of Stoke City Football Club, much less than the ₤ 469m earnings seen in 2021.

The group also saw its wage bill go up considerably, with more than 6,000 employees now on the payroll.

In the year to 29 March 2022, business turned over ₤ 2.9 bn in total, a boost of 2% compared to the year before. While sales from sports betting fell, online video games profits jumped by 25% during the year.

Its report also explains how it invested greatly in marketing and IT systems, having previously benefitted from a boom during the pandemic.

Charitable contributions of about ₤ 100m were made through the Denise Coates Foundation.

The eldest of four children, Ms Coates worked part-time for the family company while still at school, before gaining a first-rate degree in econometrics.

She has actually previously been referred to as among the UK's "most effective women", finding the opportunity that online platforms provided.

In a rare interview with a regional newspaper, Ms Coates once stated: "I was encouraged early on that gaming would work well on the web. It is private, accessible and permits you to provide a huge variety of betting opportunities to customers."

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