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A betting company boss took a pay cut but pocketed $318m – making her one of the world’s highest-paid executives
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John Coates Defends Tony Scholes Salary At Stoke City
Angle down icon An icon in the shape of an angle pointing down. Bet365 chief Denise Coates collected her CBE at Buckingham Palace in 2012. Getty Images
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The woman who founded and runs Bet365 took a pay cut last year – but remains one of the world’s highest-paid executives, collecting a total of £263 million (about $318 million) in salary and dividends.
Denis Coates was paid £213m in salary in the 12 months to March 2022, according to company accounts published on Friday.
She Is One Of The World’s Best Paid Bosses, Takes Home $648 Million
She is the largest shareholder in Bet365.
That’s less than the £300m raised for the 2021 financial year, and far less than the £471m she took home in 2020.
Since 2016, Coates has earned nearly £1.5bn from Bet365, The Guardian reported, making her one of Britain’s richest women and one of the world’s highest-paid executives, according to BBC News.
According to last year’s Sunday Times Rich List, Coates is “believed to be the highest paid person in Britain”, and she may also be the highest paid person in the country.
Bet365 Founder Denise Coates Gets Flak For $648 Million Pay Packet
The Center for High Pay, a think tank that highlights income inequality, described Coates’ pay as a reminder that “too much money is going to too few people” in the UK.
Labor MP Caroline Harris, who is leading a parliamentary group investigating gambling-related harm, told BBC News that consumer losses “paid for the huge salaries of gambling officials”.
Coates started as a cashier in his father’s gambling shops in Stoke-on-Trent, England. After graduating from Sheffield University, she helped grow the business into one of the largest online gambling companies in the world.
Coates bought the Bet365.com domain in 2000 for $25,000 after correctly predicting that gambling would take place online. She borrowed from her father’s stores to develop digital gambling platforms.
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In an interview with The Guardian in 2012, Coates said: “We’ve mortgaged the betting shops and put everything online … we’re the ultimate gamblers, if you like.”
Bet365 claims to have more than 80 million customers worldwide. In October, Insider’s investigation found 59 “mirror” sites operated by Bet365 affiliates using obfuscated URLs to circumvent government blocks in China, where gambling is illegal. Denis Coates’ pay package has been slashed as the gambling company spends heavily on expansion. Photo: Felix Clay
The pay package has been reduced by around £35m compared to last year, but she is still one of the highest paid executives in the world.
The multi-billionaire boss of gambling company Bet365 collected an annual salary and dividends of more than £260m – one of the world’s biggest paycheques, but less than the record £471m she collected in 2020.
John Coates Bet365
Denis Coates, who set up Bet365 in a portable building in Stoke-on-Trent in 2000, was paid £213m until March 2022, according to the company’s latest accounts published on Friday. As the company’s controlling shareholder, she is also entitled to at least 50% of the £100m dividend paid out for the year.
Her huge £263m salary – just over £1m for each working day of the year – is 12% less than the £300m she will collect in 2021, paying less profit as the company spends millions on international expansion plans. .
Her extraordinary pay package regularly ranks as the highest in the UK and maintains her status as the highest paid woman in the world at a time when many in the UK and around the world are struggling to cope with the cost of living.
Luke Hildard, director of the High Pay Centre, which campaigns for controls on high executive pay, said it was “hopelessly useless for so many people in the UK to have such a large income going to one person”. “.
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He said: “Pay of this magnitude is clearly too much to encourage or reward success. Even the best business leaders rely on things beyond their control, such as an educated workforce, affluent customers and a stable economy. There really is no moral. Or financial justification for such extravagant payments and the potential they create. Inequality and segregation.”
Coates built Bet365 from his father Peter’s Stoke-on-Trent bookmaking business into one of the biggest online gambling companies. It puts her, her father and her brother John among the richest in Britain, with a combined fortune of £8.6 billion, according to the Sunday Times Rich List, which features her on the cover of its latest issue.
In the last financial year, Bet365’s profits fell significantly. It made a pre-tax profit of £49.8m for the year (after a loss of £26.2m from the ownership of Stoke City Football Club). This is well below the £469m profit reported in the previous year.
Gaming revenue rose 2% year-on-year to £2.85 billion. Sports betting revenue fell 2%, while online gaming revenue rose 25% over the year to make up for lost ground.
Bet365 Boss Denise Coates Gets Us$648 Million Pay From Online Betting Empire
The fall in profits was largely driven by £320m of additional “administrative costs”, which included advertising in new markets and spending on additional computers for expansion. It has reportedly launched in Argentina’s capital Buenos Aires, the Netherlands and Colorado and Ontario in North America.
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After graduating from the University of Sheffield with a first-class degree in econometrics – the application of statistical methods to economic data – Coates expanded his family’s provincial racing chain to around 50 betting shops.
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As the millennium approached, she decided to put the future of betting online and bought the Bet365.com domain on eBay for $25,000 (£19,000), a move that helped catapult her and her family into the British League of Fortune.
Awarded a CBE in 2012 for services to the community and business, Coates is known as the “patron of pots” for her decision to keep Bet365 in Stoke, the largest private employer.
We have mortgaged the betting shops and put everything online,’ she said at the time. “We knew the industry required huge start-up costs, but we gambled on it.”
The revelation of her latest mega-pay comes just days after research showed bosses at Britain’s biggest companies were earning more by Thursday afternoon in 2023 than the average British worker would earn in a whole year.
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Paul Novak, general secretary of trade union umbrella organization TUC, has called for the government to intervene to “pay some pay back” as many low-wage workers struggle with staggering real income cuts.
“Everyone deserves a fair day’s pay for a fair day’s work. But while workers are being told not to ask for more, he said, wages are rising. “We need action from the authorities to restore some fairness in pay. Workers need to have seats on executive pay committees to bring some common sense to top pay. And ministers need to present plans for fair pay for all and start the public sector negotiations by agreeing to pay.” Bet365 founder Denis Coates has broken the record for the highest executive pay package in UK corporate history, surpassing the previous record set by Denis Coates last year.
Denis Coates’ pay packet is the biggest in UK corporate history and is a contender to become the biggest in the world this year. (Photo: Hugh Routledge)
Paid £323 million ($422 million) in 2019, up from £220 million ($287 million) in 2018.
Betting Company Boss Takes A Pay Cut
Based on an average working week of 40 hours, that equates to around £162,500 ($212,000) per hour. This brings the total of quotes over the last three years to 817 million pounds, or just over $1 billion.
On top of Coates’ base salary of $276.5 million ($361 million), she collected about $45 million ($59 million) in dividend payments from the online gaming giant, according to accounts filed with the British government this week. She holds a 50.1 percent stake in the privately owned company.
It could be the highest salary package for managers in the world this year – although a
