Bet365 Jobs Salaries – Britain’s richest woman, Denise Coates, has taken a massive £171m pay cut after bet365’s growth stalled due to the pandemic.
According to bet365’s 2021 accounts published at Companies House today, the chief executive’s salary fell from £421m to £250m.
Bet365 Jobs Salary
However, Ms Coates – a major philanthropist and Britain’s biggest taxpayer – also received a share of the £97.5m split between four directors of the Etruria-based company.
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It shows a “dramatic drop in revenue” in the three years since sports were suspended during the pandemic.
Mrs Coates’ fortune allowed her to donate millions to charity at the start of the pandemic, including £10m to Royal Stoke University Hospital.
According to its 2021 accounts, bet365 increased its charitable giving by almost 20 per cent to £103.4m, of which £100m went to the Denise Coates Foundation.
Meanwhile, group revenue for the year to the end of March 2021 was broadly flat at £2.8bn, although operating profit rose 47 per cent to £285.5m, mainly due to wage cuts and staff costs. Pre-tax profits rose from £137 million to £469.2 million.
A Day In The Life Of Devops At Bet365
In her review of bet365, Ms Coates said Covid-19 had had a “significant impact on the business”, with sports suspended around the world resulting in “significantly reduced revenue”.
He said, however, that the resumption of sports in the second half had pushed revenue back to pre-Covid levels, so sports and gaming revenue ended up “higher than last year.
She added: “I am pleased that the group has responded and adapted to these difficult circumstances. We have successfully operated the business throughout the many lockdowns with business continuity plans in place to allow employees to work from home. .”
Mrs Coates, 54, risked everything when she took out a £15m loan in 2000 to start the company from a mobile locker in a car park.
How Much Bet365 Pays
He later told The Sentinel in a rare interview: “I quickly became convinced that gambling would work well on the Internet. It’s confidential, accessible and allows you to offer customers a variety of betting opportunities.
“In the early years of the business, we still had betting shops but, for me, although I was able to build them into a really strong local chain, we were always going to be much smaller than the national chains.
“The Internet gave us the opportunity to enter a new and international market where we had the opportunity to be the best.”
He added: “I first got the idea when I was working in an office above one of our betting shops in Tunstall in the late 1990s.
Bet365 Boss Denise Coates Was Paid More Than £260m In Year To March
“One of the first key decisions was to develop our own software and not license a product.
“This meant we had to put together a software development team and it actually took place in a portable building in a car park near one of our stores between Trentham and Longton.
“Soon we started growing it and then we went to Festival Park for the first time in December 2000.”
Mrs Coates’ father Peter – joint chairman of Stoke City – was a worker’s son who became an entrepreneur, also running a catering business and helping to set up Signal Radio.
Britain’s Richest Woman Bet365 Boss Denise Coates Cuts Her Own Pay By £170m
And Ms Coates learned her trade at Provincial Racing, first working as a cashier and then studying econometrics at Sheffield University.
He secured a £15m loan from RBS, secured against a chain of betting shops and bet365.com was launched in 2001.
Four years later, the new venture was so successful that he sold the chain of stores to Coral for £40 million.
“In the early years, the business was losing a lot of money and we were all worried about finding the resources that would bring us to profitability,” he said.
Bet365 Boss Denise Coates Gets UK’s Biggest Ever Salary At £469million
“As part of this, we have visited the private sector and the investment industry to try to bring in foreign investment.
“At the time, the dot com bubble had burst and a losing internet company was not looking for the best investment!
“We had to mortgage the betting shops and sell other family properties to lend money to the business to make a profit. That way we completely took over the business.”
They remain a family business – brother John is joint managing director – and are proud of their roots in the Potteries.
Bet365 Net Income
“I’m a local person and it’s important to me that the area is as successful as it can be,” he said.
“It’s great to show that a substantial tech company can be successful in this area. The area has its fair share of bad press, but it’s home to a lot of talented and hard-working people.”
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Bet365 Boss Denise Coates Gets Us$648 Million Pay From Online Betting Empire
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The head of the betting company was cut, but collected $318 million – making him one of the highest paid executives in the world.
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Angle Down Icon Displays an icon in the shape of an angle down. Bet365 chief executive Denise Coates collects her CBE at Buckingham Palace in 2012. Getty Images
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The woman who founded and ran Bet365 took a pay cut last year – but still remains one of the highest-paid executives in the world, collecting a total of £263 million (about $318 million) in wages and salaries.
Denise Coates was paid £213m in the 12 months to March 2022, according to company accounts published on Friday.
It is also Bet365’s biggest shareholder, giving it at least half of its £100m payout for the period.
Denise Coates: Who Is The Bet365 Boss Paid £469m In A Single Year?
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Do you have an account? Sign in. The return is less than the £300m Coates raised for the 2021 financial year and far less than the £471m he has budgeted for 2020. Advertisement Since 2016, Coates has earned almost £1.5bn from Bet365, the Guardian reported. , making her one of Britain’s richest women – and one of the world’s top executives, 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 “considered to have the highest salary of anyone in the UK”. The High Pay Center, a think tank that highlights income inequality, described Coates’ pay as a reminder that “too much money