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Bet365 gaming boss makes ₤ 213m in one year

6 January 2023

The boss of betting company Bet365 was paid more than ₤ 200m in simply one year, which is among the most significant incomes ever awarded in the UK.

The greatest paid director of Bet365 Group, believed to be Coates, earned an income of ₤ 213.4 m in the year to March 2022.

She was likewise entitled to at least half of ₤ 100m in dividends, despite a fall in profits.

Bet365 did not right away respond to the BBC's ask for comment.

But campaign groups such as the High Pay Centre hit out at the announcement, arguing it functioned as a tip that "too much [money] is going to too few individuals" in the UK economy.

Its spokesperson Andrew Speke stated: "It shows if the federal government wished to supply greater support to those struggling and increase the pay of striking public sector workers dealing with genuine wage cuts, increasing tax on high incomes and wealth would be one of the most effective methods of moneying this promotion code."

Labour MP Carolyn Harris, who co-chairs a cross-party parliamentary group taking a look at gambling-related damage, stated that losses made by users as rates are increasing "are spending for the big salaries of betting managers".

She contacted the federal government to bring forward its white paper on gambling and update laws that have actually been in location for years.

Ms Coates founded the Bet365 site in a portable structure in Stoke-on-Trent more than twenty years earlier. She is believed to be one of Britain's richest ladies and amongst the best-paid managers worldwide.

After training as an accountant she helped develop the group into one of the biggest online gambling companies from her father's bookmaking organization. Her brother is also co-chief executive.

According to the newest company accounts, external, Ms Coates received a salary of almost ₤ 250m salary the year before.

Piling cash into efforts to broaden worldwide saw the Bet365 group's earnings dive.

Bet365 earned a profit before tax of ₤ 49.8 m for the year, considering a ₤ 26.2 m loss from its ownership of Stoke City Football Club, much less than the ₤ 469m revenue seen in 2021.

The group also saw its wage bill go up substantially, with more than 6,000 workers now on the payroll.

In the year to 29 March 2022, the company turned over ₤ 2.9 bn in overall, an increase of 2% compared to the year before. While sales from sports betting fell, online games revenues jumped by 25% during the year.

Its report also describes how it invested heavily in advertising and IT systems, having actually formerly taken advantage of a boom throughout the pandemic.

Charitable contributions of about ₤ 100m were made through the Denise Coates Foundation.

The eldest of four children, Ms Coates worked part time for the family firm while still at school, before gaining a top-notch degree in econometrics.

She has formerly been explained as among the UK's "most effective ladies", finding the chance that online platforms provided.

In a rare interview with a local newspaper, Ms Coates when said: "I was persuaded early on that gaming would work well on the internet. It is personal, available and permits you to present a big series of betting chances to consumers."

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