Bet365’s billionaire boss Denise Coates pockets massive £265m payout
The chief executive of online bookie Bet365 Denise Coates took home £265m last year after giving herself a £21m pay rise.
The billionaire businesswoman pocketed a salary of £220m, an increase from £199m last year and roughly a third of Bet365’s total profits for the year to the end of March, according to the company’s accounts.
Coates, who is a majority shareholder in the family-owned company, also received just over half of the £90m dividend paid to directors, taking her total remuneration to roughly £265m.
Details of the chief executive’s pay reflect the growing success of Bet365, which saw its profits increase 24 per cent compared to last year, despite losses of almost £22m related to the company’s ownership of Stoke City football club.
“The salary shows that in a relatively short period of time Bet365 has been a massive disruptor in the industry,” AJ Bell investment director Russ Mould told City A.M.
“In 18 years the early online adaptors have completely revolutionised the industry in terms of pulling down the old leadership and replacing them and by providing punters with a service that they wanted using technology.”
In total the company’s four directors, three of whom are members of the Coates family, were paid £448m.
The betting industry has come under increased pressure in recent month as MPs have vowed to slash the maximum stake on fixed-odd betting terminals amid concerns about the social impact of gambling.
But one gambling industry source told Morning Wire that Bet365’s transparency and tax contributions make it a good corporate citizen.
According to the company accounts the company gave £75m to charitable causes through the Denise Coates Foundation.
In a statement, gambling consultancy Regulus Partners praised Bet365’s “unparalleled long-term success”.
“Bet365 has also made a continued strong commitment to both safer gambling measures and ‘know your customer’ procedures, with some industry-leading capabilities in sustainability,” it added.
The company accounts stated the £220m compensation was granted to the highest paid director.
Bet365 could not be reached for comment.