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Betting company boss takes pay cut but still earns $318 million, making him one of world’s highest-paid executives
When Was Bet365 Founded
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Think Of Bet365 As A Tech Business Before You Judge Denise Coates’ £421m Pay
Down Angle Icon An icon in the shape of an angle pointing down. Bet365 CEO Denise Coates collects 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 still remains one of the world’s highest-paid executives, taking home a total of £263 million (about $318 million) in salary and bonuses.
Denis Coates was paid £213m in the 12 months to March 2022, according to company accounts published on Friday.
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It is Bet365’s largest shareholder, accounting for half of the £100m in dividends paid out during the period.
This story is available exclusively to Business Insider subscribers. Become an insider and start reading now. Have an account? Log in. That’s less than the £300m crore raised in the 2021 financial year and significantly less than the £471m they took home in 2020. Advertisement Since 2016, Coates has earned around £1.5bn from Bet365, The Guardian reports. Britain’s richest women – and, according to BBC News, one of the world’s highest-paid executives. He may also be the country’s highest earner, with last year’s Sunday Times Rich List reporting that Coates “thought he was paid more than anyone else in the UK”. The High Pay Centre, a think tank that highlights income inequality, described Coates’ pay as a reminder that “too much money is going to too few people” in Britain. Labor MP Caroline Harris, who leads a parliamentary group seeking to review gambling-related harm, told BBC News that the loss of users “paid for the huge salaries of gambling bosses”. Advertisement Coates started out as a cashier at his father’s bookmakers in Stoke-on-Trent, England. After graduating from the University of Sheffield, he helped transform the business into one of the largest online gambling companies in the world. After correctly predicting that betting would move online, Coates bought the Bet365.com domain in 2000 for $25,000. She borrowed against her father’s businesses to develop digital gambling platforms. In an interview with The Guardian in 2012, Coates said: “We’ve ditched the bookies and put everything online… We’re the ultimate punter if you like.” Bet365 claims to have more than 80 million customers worldwide. In October, an internal investigation found 59 “mirror” sites operated by Bet365 affiliates that used obscure web addresses to avoid government blocks in China, where betting is illegal. Advertisement Bet365 did not immediately respond to Insider’s request for comment. As a teenager, Denise Coates loved nothing more than writing down the day’s sports scores while working part-time as a cashier at her father’s Smoky Little Bookie.
The former Staffordshire schoolgirl had a keen interest in numbers and was soon running the family’s modest chain of bookies.
The businessman, who founded Bet365 from a portacabin above his father’s original Stoke on Trent store, was paid a record £265m annual salary with bonuses, it emerged on Wednesday.
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But the 51-year-old mother of five credits her success to noticing how her father’s “nice rubbish betting shops” 17 years ago could be used to support her prediction that the internet would change the world.
At the turn of the millennium, he bought the Bet365.com domain for £20,000. Now he has convinced his whole family to be “all inclusive”, with the company having an annual turnover of £2.9bn in the year to March 2018, with a pre-tax profit of £582m. Its global operation is used by more than 20 million players, who closed more than £52.6 billion last year.
“I am not a regular participant in running. I am at work regularly. My family is important to me,” she said in a rare interview.
Born in September 1967, the eldest of four children, Ms Coates was inspired by her father, Peter Coates, the son of a Stoke-on-Trent miner who, among other things, bought a chain of bookmakers called Provincial Racing. There she developed a passion for hard work.
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He first studied economics, a statistical branch of economics, at the University of Sheffield before returning to the family business. In 1995, her father made her chief executive, leaving her time to take control of his beloved Stoke City FC.
Convinced that online gambling would one day replace brick-and-mortar stores, she convinced her brother John, the CEO, to support her plans.
London venture capitalists were not convinced. Despite meetings with investors, he failed to gain support and was forced to fold the family businesses as collateral for a large bank loan.
“We stopped the bookmakers and put everything online. We are the ultimate players if you will,” he said in an interview with The Guardian.
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Stoke City FC owner Peter Coates looks on from the stands during the Stoke City match at the Bet365 Stadium in Stoke on Trent Credit: Gareth Copley/Getty Images Europe
In 2001, the business started from a prefab office in a Stoke car park. Determined to beat the big bookie names, the website introduced bingo, casino games and poker. With the development of smartphones, the potential market grew even more.
By 2005, all of the family’s betting shops had been sold to Coral, and eight years later she and her father were billionaires.
Ms Coates and Richard Smith, who married in 1993, have one child and are believed to have adopted four children from the same family. His estate in Sandbach, Cheshire, is surprisingly modest, although an Aston Martin with a personalized number plate is one of the few luxuries.
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In Stoke, Mrs Coates is nicknamed the “patron saint of pottery” because the family business bought the city’s football club after her father, its chairman, sold it earlier and Bet365 is the biggest private employer with more than 3,000 staff.
“We always have business in Stoke. I never want to spend a large part of my time abroad,” he said.
But Ms Coates, who received a CBE for services to the community in 2012 (she set up a charitable foundation in her name), has the headquarters of most of Bet365’s operating companies overseas.
The amount collected by British tax authorities fell from £30.4m to £26.8m. Taxes collected by overseas authorities rose dramatically from £37.5m to £51.4m.
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Bookie advertising and gambling risks are currently in the spotlight in the UK, with Bet365, known for controversial TV adverts featuring the dismembered head of actor Ray Winstone, saying the new laws could affect how it attracts new customers. Gambling website Bet365 boss Denis Coates took home half a billion pounds in pay and bonuses last year, as the latest in a record series of awards took his total pay since 2016 to nearly £1.3 billion.
After an unusual delay in filing its accounts at Companies House, Bet365 revealed its highest-paid director was Coates, chief executive, on £421m – or £48,000 per hour over a 12-month period. In its accounts, the company said its pay arrangements were “adequate and fair”.
Bet365 also paid a £95m dividend, marking a separate windfall of around £45m for Coates, who owns more than half the empire she built from her father Peter’s Stoke-on-Trent betting company.
The deal is just the latest package for Coates, who – along with Peter and her brother John – was 16th in last year’s Sunday Times Rich List with a fortune of £7billion.
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This is likely to cement the family’s position as the UK’s biggest taxpayer, contributing more than £500m a year when Bet365’s corporation tax is taken into account.
However, critics of the exorbitant salaries and gambling industry said that it was difficult to justify the amount of prizes offered to Coates.
“Obviously the rich pay more tax, they have hugely unequal incomes,” said Luke Hildyard, director of the High Pay Center.
“What matters is how much money she has after taxes, and in her case it’s more than anyone spends in several lifetimes,” he said.
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“While it is terribly inefficient for individuals to accumulate wealth in this way, better tax systems could mean that wealth is used to support better public services or raise the living standards of low- and middle-income people.”
Coates was paid £323 million in 2019, including salary and bonuses, from his more than 50% stake in the Stoke-on-Trent-based firm.