Bet365 boss banks £260m payout despite profit slide
Billionaire founder and chief executive of Bet365, Denise Coates, saw her pay surge last year, despite the firm’s profit going south.
Coates was paid a salary of £104m in the year to March, according to newly filed accounts, while cash dividends to family shareholders tripled to £313.6m.
As the firm’s majority owner, Coates was entitled to at least 50 per cent of that sum, raising her total payout for the twelve months to at least £260.8m, which was a 65 per cent increase on the £150m she cashed in the year prior.
Profit falls, payout rises
Coates’ bumper pay package comes amid a sharp drop in the firm’s profitability.
Bet365, owned by the Coates family, reported a pre-tax profit of £338.5m for the year, down 43 per cent on the year prior. Meanwhile, revenue climbed to £4.03bn from £3.69bn.
Costs mounted as the business reshaped its global footprint, including expanding into US and South American markets and retreating from China.
The group’s accounts failed to mention its exit from the latter market, long viewed by analysts as a significant revenue source, potentially making it its biggest territory after the UK.
That lack of transparency has fueled speculation about the Coates family and their consideration of a sale of the business.
This follows reports that advisers have explored options that could value the betting giant at up to £9bn. The firm declined to comment on this matter.
Coates’ latest windfall was agreed before Rachel Reeves’ added pressure to the sector in her Autumn Budget last month.
From April, the levy on remote sports betting will rise to 25 per cent, while online gaming and casino duties are set to jump from 25 to 40 per cent.
Bet365 has not publicly commented on how much these changes will cost, though rivals like Flutter and Entain have warned of potential hits running into the hundreds of millions.
Despite criticism over Coates’ pat, Bet365 remains one of Britain’s largest corporate taxpayers, contributing £481.5m to the Treasury during the year.