Denise Coates, the prominent figure behind Bet365, has received an additional windfall of £260 million, bringing her total payouts over the last 15 years to £2.7 billion. This latest payout further solidifies her status as one of the highest-paid executives in the UK and the top-earning woman in the country.
Recent financial reports from the Coates family’s gambling business reveal that Denise Coates herself received a staggering salary of £104 million, a significant increase from the previous year’s £94.7 million. Additionally, Bet365 Group distributed a threefold increase in cash dividends to family shareholders, totaling £313.6 million, with a substantial portion going to Ms. Coates due to her majority ownership in the company.
Despite the impressive £260 million windfall, it falls short of her record-breaking £469 million payout in 2021. Nevertheless, it surpasses the earnings of other notable UK corporate leaders, such as Eamonn O’Hare and Pascal Soriot. The Coates family’s wealth, estimated at £9.44 billion, ranks them as the 16th richest individuals in Britain according to the latest Sunday Times Rich List.
Denise Coates, known for her low profile, founded Bet365 in a modest setting in 2000 and has since seen remarkable success in the online gambling industry. The family’s philanthropic efforts also shine through, with substantial charitable donations, including a generous £130 million contribution to the Denise Coates Foundation in the past year.
The Foundation, overseen by trustees, dispersed £16.7 million to various institutions, such as The University Hospitals of North Midlands Charity, supporting essential medical equipment and facilities. Additionally, the Coates family’s former ownership of Stoke City football club and Bet365’s financial performance were highlighted in the reports.
Bet365’s revenue grew by 9% to over £4 billion in the latest financial year, although its pre-tax profit nearly halved to £348.7 million. The accounts did not factor in the recent increase in online gambling taxes, announced in the latest Budget, reflecting the ongoing challenges in the industry.
Despite the evolving regulatory landscape, Bet365 remains committed to ensuring a safe gambling environment for its customers, emphasizing collaboration with regulators and industry partners to promote responsible gambling practices.