Betting company boss cuts salary – but still raises 8 million

Betting company boss cuts salary – but still raises $318 million

Betting company boss cuts salary – but still raises 8 million

  • Denise Coates, the founder of Bet365, has raised at least £263m in the 12 months to March 2022.
  • This is lower than in the previous 12 months, down from £471m in 2020 to £471m in 2020.
  • Coates has earned around £1.5bn from the online betting firm since 2016, The Guardian reported.

The woman who founded and runs Bet365 took a pay cut last year – but still remains one of the highest-paid managers in the world, raising a total of £263m (around $318m) in salaries and dividends.

Denise Coates received a salary of £213m over the 12 months to March 2022, according to company accounts published on Friday.

It is also the largest shareholder in Bet365, accounting for at least half of the £100 million in dividends paid out for the period.

The haul is less than the £300m raised by Coates in FY2021 and significantly less than the £471m it took home in 2020.

According to The Guardian, Coates has earned nearly £1.5bn from Bet365 since 2016, making her one of the UK’s richest women – and one of the world’s highest-paid managers, according to BBC News.

He may even be the highest-paid person in the country, as last year’s Sunday Times Rich List said Coates was “believed to be on a higher salary than anyone else in the UK”.

The High Pay Center, a think tank that highlights income inequality, described Coates’ pay as a reminder that “too much money is going to too few people” in the UK.

Labor MP Carolyn Harris, who leads a parliamentary group to investigate the harms of gambling, told BBC News that users’ losses were “paying for the huge salaries of gambling bosses”.

Coates started as a cashier at her father’s betting shop in Stoke-on-Trent, England. After graduating from the University of Sheffield, she helped transform the company into one of the world’s largest online gambling companies.

After correctly predicting that betting would move online, Coates purchased the domain for $25,000 in 2000. She borrowed from her father’s stores to develop digital gambling platforms.

In a 2012 interview with The Guardian, Coates said, “We pawned the betting shops and put it all on the Internet … we were top gamblers if you will.”

Bet365 claims to have over 80 million customers worldwide. In October, an Insider investigation found 59 “mirror” sites operated by Bet365 subsidiaries that use obscure web addresses to bypass government blocks in China, where betting is illegal.

Bet365 did not immediately respond to an Insider’s request for comment.

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