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Bet365: UK's best-paid manager strikes ₤ 323m prize

Bet365 boss Denise Coates has gotten a ₤ 323m payday, verifying her position as the UK's finest paid executive.

The co-founder of the online gaming firm was paid a ₤ 277m wage plus dividends as the yohaig code appeal of online gaming continues to grow.

The company's accounts, external show that in the year to end-March her wage rose from ₤ 220m on the previous period.

But the increase comes as the industry faced mounting criticism, including over .

Gambling: Just how much do we invest in the UK?

The independently held company is owned jointly by Ms Coates and members of her direct family, including her sibling John, who is joint president, and her father Peter, the company's chairman.

Ms Coates made a first-class degree in econometrics - the application of statistical methods to financial data - from Sheffield University before joining the High Street wagering company, run by her father.

She recognized the capacity of online gaming in 2000 and purchased the domain name Bet365.com so that she might drive the family business in that direction.

Bet365 earned a profit before tax of ₤ 791m in the year, compared to ₤ 661m the year before.

The firm paid dividends of ₤ 92.5 m, half of which are thought to have gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of companies owns Stoke City Football Club, which made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which keeps an eye on earnings, said the timing of the release of the Bet365 results looked "cynical", offered it was simply after a general election.

High Pay Centre executive director Luke Hildyard said: "this promotion code appears like negative timing, sneaked out straight after a basic election project where excess wealth, taxes on the abundant and the huge space in between those at the leading and everybody else have been key problems."

He added: "Business success should be incentivised and rewarded, but a payment a portion of this promotion code size would still afford a lifestyle beyond the wildest dreams of many people."

Mr Hildyard said there was "clearly scope" for those accumulating such sums to pay their workers more or contribute more in taxes.

Child gambling

In October, Cardiff University research study suggested that two-fifths of 11 to 16-year-olds had bet in the past year.

The research study stated this promotion code was "particularly concerning, considered that throughout the UK, a lot of forms of industrial gambling are only legal for those aged 18 and over".

Slot machine were the most popular type of betting, followed by playing cards for cash with buddies and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement said at the time: "The evidence shows that individuals who gamble previously in life are most likely to end up being problem bettors in adulthood."

However, a Gambling Commission study in October, external recommended that 11% of kids had actually gambled within a week of the study being conducted.

But in addition, the regulator alerted in July, external of research that indicated links between "problem gambling and suicidal thoughts or efforts".

Bet365 says it has "a steadfast commitment to deliver industry-leading methods to player protection", including monitoring consumer betting, and says it will "terminate the [customer] relationship if it feels the threat of damage is too high".

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Child betting a 'growing problem' - research study

15 October 2019