Bet365 Gambling Boss Earns ₤ 213m in One Year

Bet365 betting employer earns ₤ 213m in one year

6 January 2023

The boss of gambling company Bet365 was paid more than ₤ 200m in simply one year, which is among the most significant salaries ever granted in the UK.

The greatest paid director of Bet365 Group, thought to be founder Denise Coates, earned an income of ₤ 213.4 m in the year to March 2022.

She was likewise entitled to at least half of ₤ 100m in dividends, despite a fall in revenues.

Bet365 did not instantly respond to the BBC's ask for remark.

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But campaign groups such as the High Pay Centre struck out at the statement, arguing it worked as a pointer that "too much [cash] is going to too couple of people" in the UK economy.

Its spokesperson Andrew Speke said: "It reveals if the federal government wanted to supply greater assistance to those struggling and increase the pay of striking public sector employees facing genuine wage cuts, increasing tax on high incomes and wealth would be one of the most effective methods of moneying this promotion code."

Labour MP Carolyn Harris, who co-chairs a cross-party parliamentary group taking a look at gambling-related damage, stated that losses made by users as prices are rising "are paying for the huge wages of gambling employers".

She called on the government to advance its white paper on gambling and upgrade laws that have remained in location for years.

Ms Coates established the Bet365 site in a portable building in Stoke-on-Trent more than twenty years ago. She is believed to be one of Britain's richest females and among the best-paid managers in the world.

After training as an accountant she assisted construct the group into one of the biggest online gambling business from her father's bookmaking service. Her bro is likewise co-chief executive.

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

Piling money into efforts to expand globally saw the Bet365 group's revenues 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 profit seen in 2021.

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

In the year to 29 March 2022, the service turned over ₤ 2.9 bn in overall, an increase of 2% compared to the year before. While sales from sports betting fell, online games earnings leapt by 25% throughout the year.

Its report also describes how it invested greatly in marketing and IT systems, having formerly taken advantage of a boom during the pandemic.

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

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

She has formerly been described as one of the UK's "most effective females", identifying the opportunity that online platforms presented.

In an unusual interview with a regional newspaper, Ms Coates once said: "I was persuaded early on that gaming would work well on the internet. It is personal, available and permits you to provide a huge range of betting opportunities to consumers."