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Bet365 boss Denise Coates gets ₤ 300m pay bundle - a ₤ 170m cut

3 March 2022

ByRussell Hotten
BBC News

Bet365 employer Denise Coates took home about ₤ 300m throughout its last financial year - ₤ 170m down on the previous year - as development stalled.

The billionaire founder of the yohaig code online gambling firm got ₤ 250m in salary and a share of the business's pay-out of ₤ 97.5 m in dividends.

Ms Coates, one of Britain's wealthiest females and a major philanthropist, has received an overall of about ₤ 1.3 bn from business in the past five years.

Bet365 was developed 21 years earlier.

Ms Coates and her sibling John took over a wagering shop company run by their father, spotting that online gambling might change the market. She now owns about half of the company.

Bet365's newest accounts submitted at Companies House show profits were broadly flat at ₤ 2.82 bn in the first year of the pandemic, compared with ₤ 2.81 bn in the previous year.

Although not named in the accounts, Ms Coates has actually always been related to as the individual referred to as "highest paid director". She is believed to be Britain's most significant specific tax payer.

It's unclear why the pay fell so much, although Bet365's profits from sports wagering was hit as the pandemic triggered mayhem to sporting schedules. A rise in betting through online fruit machine and casinos helped offset the loss.

Bet365 said: "At the start of the yohaig code period we experienced the almost total cessation of sporting occasions. However by the end of the very first half of the year, we saw the resumption of sports with the huge majority of European football leagues managing to conclude their domestic seasons."

Meanwhile, operating profit increased by 47% year-on-year to ₤ 285.5 m, a gain the firm said was driven in big part by lowered pay packages for .

Bet365 made charitable donations, primarily to the Denise Coates Foundation, of ₤ 103m, up from almost ₤ 90m the year before.

Ms Coates achieved a superior degree in econometrics and later on trained as an accounting professional within the yohaig code family firm.

The company owns Stoke City football club, and is based in Stoke-on-Trent.