Bet365s creator, Denise Coates, might have seen her compensation reduced by £170 million (approximately $227 million), yet she remained the UK’s top taxpayer.
This information surfaces as the gambling firm announced revenues of £2.8 billion for the financial year concluding in March 2021, essentially unchanged from the preceding year, as per documents filed at Companies House. Although profits reached £4.7 billion, Coates’ portion as base pay was roughly £2.5 million. Nevertheless, her controlling interest (exceeding 50%) in Bet365 resulted in a dividend distribution just under £50 million.
While her earnings decreased significantly by £170 million compared to the previous year, Coates still received nearly £300 million when considering her base pay and dividend income.
Over the past five years, Coates has personally accrued an estimated £1.3 billion.
The firm explained, “As the period began, we encountered a near-total halt in sporting competitions; however, by the first half’s conclusion, we witnessed the resumption of sports with the majority of European football leagues successfully finishing their domestic seasons.”
Curiously, despite the return of sporting events, the total amount gambled on these events through Bet365 actually declined by 13% during this timeframe. The company also absorbed financial setbacks from Stoke City Football Club, which is 93% owned by the Coates family.
The colossal gaming enterprise, Bet365, experienced a remarkable 47% surge in operational earnings, reaching an astounding £286 million. This impressive financial performance was partly attributed to a reduction in remuneration for high-ranking officials. Established in 2001 by Denise Coates, alongside her sibling John and their father Peter, the company’s profit surge is particularly noteworthy considering their substantial tax contribution of £482 million. For context, this figure surpasses the UK’s second-largest taxpayer, Chris Rokos, by a considerable £180 million.