Bet365 Politics – It is with a heavy heart that Bet365 announces our immediate departure. Our gratitude to our Indian customers for their unwavering support over the years is immense. We greatly appreciate your understanding during this transition.
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This decision was not taken lightly. At Bet365, the trust and support of our Indian customers is always important. We are grateful for the experience and interaction we have had with our customers over the years.
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By closing our operations in India, we ensure that you are moving to a reliable platform. We encourage you to embrace this new phase and understand that new beginnings often follow endings. The charity founded by Denise Coates, billionaire of online betting company Bet365, has cut its donations to good causes from £9m to £6m, despite reservations. increased almost 50% to 568 million pounds.
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Accounts filed at Companies House detail the charitable work of the foundation set up by Coates, Britain’s highest-paid woman, whose £421 million salary and dividends for 2020 took her over £1 billion in four years.
The Stoke-based division of her Bet365 empire has donated £100m to the Denise Coates Foundation by 28 March 2021, accounts show, while investment in the charity’s holdings has increased by £86.5m.
The double windfall meant the charity, founded in 2014, saw its reserves rise from £385.3m to £568.4m, a 48% increase.
The account said donations were “restricted” because the charitable trust was restricted in their activities. Foundation grants are expected to “recover” next year, the foundation said.
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While the Denise Coates Foundation’s reserves have increased by £183m, according to the accounts, the charity’s trustees do not have strict rules on the amount of donations involved.
The Charity Commission’s guidance published in 2016 emphasizes that there is no “single level, or even level, of reserves that is appropriate for all charities”.
According to the guidelines, organizations with more reserves than needed can review spending and “trustees must consider whether the purpose of the charity should change to enable the charity to operate more efficiently”.
The Denise Coates Foundation discusses the amount of reserves it holds in comments attached to its account.
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It said the charity’s policy was to use donations it received from the Coates family’s business empire to build up cash and reserves for investment, which rose from £385.3m to £568.3m.
“This policy should enable the foundation to operate permanently without depending on donations from any source,” the account said.
During the year, the charity increased the amount of ‘unrestricted’ funds available for donations by £15.5m to £20.2m.
Donations in 2021 include £1.9m to North Midlands University Hospital, an NHS trust in Stoke-on-Trent, home of the Coates family, who own Stoke City football club and founded Bet365 there.
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In April last year, Denise Coates, who is worth more than 8 billion pounds with her family, announced a donation of 10 million pounds to support workers fighting the spread of the coronavirus.
In total, the foundation awarded 17 grants to 12 institutions, including a £500,000 grant to the Chronic Disease Research Foundation for Covid-19 research.
The charity also donated £200,000 to the Covid-19 appeal initiated by the Catholic overseas development agency Cafod and £300,000 to the project to build a stadium in Lesotho to support social change Kick4Life.
Like other gambling companies, Bet365 donates to gambling-related charities through a voluntary industry-wide levy, which campaigners say should be enforced to address the lack of treatment options for gambling addicts in the UK.
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The company’s roots lie in a network of betting shops founded by Peter Coates in Stoke-on-Trent. His daughter Denise was entrusted with seeing the opportunities offered by online gambling and building Bet365 into a pioneering and highly profitable betting company with a global reach.
Bet365 reported an 8% drop in revenue to £2.81bn last year, partly due to the cancellation of sporting events due to the Covid outbreak. Operating profit fell 74% to £194.7m, from £758.3m in 2019. Ms Coates, who is paid thousands of times more than the Prime Minister, also received more than half of the company’s £95m dividend.
Bet365 chief executive Denise Coates earned £421m last year, the betting company’s newly published annual accounts reveal.
He also owns more than 50% of the company, which gives him a share of £95 million in dividends paid out by the company.
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Bet365’s annual report said: “The group ensures that the remuneration of all employees is appropriate and fair and reflects the individual’s input and contribution to the business as well as the overall performance of the group.”
The company’s results, which cover the year to March 29, 2020, were affected by the “significant” impact of the COVID-19 pandemic at the end of the period, which brought the global sports calendar to a standstill.
This helped revenue fall 8% to £2.81bn and, along with “increased remuneration and other costs”, contributed to an 83% drop in pre-tax profit to £137m.
One factor weighing on the bottom line was the £87m loss suffered by Championship club Stoke City, which Bet365 owns.
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The company’s report states that the board decided at the beginning of the epidemic to ensure that there will be no cut in wages or employment until the end of August 2020.
Bet365 also donated £85m during the year to the Denise Coates Foundation, a charity which has given grants to causes including health, education and disaster relief.
Ms Coates said in the report that the business had made “significant progress” including investment in Start “Safer Gambling”.
“This period is still seeing the initial effects of COVID-19, sports at all levels will be halted around the world,” she added.
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“We have continued to operate successfully during the lockdown with a business continuity plan, which has resulted in employees being able to work from home, while making significant investments to ensure the office environment is safe from COVID.”
Founded in a garage in 2000, Bet365 has quickly grown to become a global giant in online sports betting, with more than 5,000 employees and 53 million customers worldwide.
He said: “It is ineffective for individuals to accumulate wealth in this way, when progressive policies on taxation, ownership of intellectual property or profit sharing can be diverted to better public services or raise the standard of living of low and middle income people.”
Ms Coates is the country’s top taxpayer for the second year in a row, according to the latest annual tax returns. on the Sunday Times. She and her family, who are worth more than £7 billion, have a tax liability of £573 million in Last year. There is speculation that Bet365 has agreed to a deal with Megan McCann. Photo: M4OS Photo/Alamy Stock Photo/Alamy Stock Photos
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A long-running legal case in which Megan McCann, a student from Northern Ireland, is suing bookmaker Bet365 for £1m of unpaid winnings has been settled shortly before it came to court in Belfast, sparking speculation that Bet365 has agreed to settle. The dispute has been bet for almost three years after they were closed in June 2016.
A Bet365 account in the name of McCann, who was a 19-year-old student at the time, deposited almost £25,000 on June 22, 2016 on 12 horses running in races at Bath, Kempton Park and Naas. Bet365 accepted bets – a total of £960 13 each way Lucky 15s – which were mostly successful and returned a total payout of £984,833.
However, Bet365 refused to pay the winnings, claiming that the original bet deposit was provided by a third party in violation of the company’s terms and conditions. She also refused to return the £25,000 deposit.
McCann began legal proceedings against Bet365 two years ago and the latest in a series of court cases aimed at a full trial is set for Friday morning.
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