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Bet365 Coates sees pay jump to ₤ 221m

ByLora Jones
Business reporter, BBC News

The one in charge of Bet365 was paid around ₤ 221m during its last monetary year, despite the gaming giant reporting a significant loss.

Denise Coates's wage was ₤ 7m higher than the previous year, according to Bet365's newest accounts for the yohaig code year to March 2023, external.

As founder and joint chief executive of the online gambling firm, Ms Coates will also have received at least ₤ 50m worth of dividends.

Bet365 declined to comment.

Ms Coates's pay bump implies that her overall salary over the previous four years gone beyond ₤ 1bn.

Campaign groups such as the High Pay Centre explained the pay package as "neither reasonable nor proportional".

"Ultimately, Britain's prosperity depends on how the wealth our economy generates is shared," said Luke Hildyard, executive director of the High Pay Centre which concentrates on pay and accountable organization.

"Pouring numerous millions of pounds more on top of billionaire fortunes every year isn't a great way to increase living requirements and it over-values the contribution that the super-rich have made."

Bet365 also paid an overall ₤ 100m in dividends for the last financial year - a piece of which would have gone to Ms Coates who owns about 57% of the company.

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Ms Coates established the Bet365 site in a portable building in a Stoke-on-Trent parking lot more than twenty years ago. It is now the most significant economic sector employer in the yohaig code city.

After training as an accounting professional, Ms Coates helped construct the group into one of the biggest online gambling business from her dad's bookmaking service. Her bro is a co-chief executive.

Earning an annual wage that peaked at ₤ 421m in 2020, Ms Coates has actually earnt approximately ₤ 1.1 bn in simply 4 years.

Many magnates typically see the bulk of their revenues comprised of share pay-outs. It indicates that Ms Coates, her bro and dad are liable for more tax.

According to the Sunday Times Tax List, external, the three were said to have actually paid ₤ 460.2 m to HM Revenue and Customs off the back of their incomes.

Ms Coates, whose dad and bro are also the joint chairmen of Stoke City Football Club, has seen the household bookies become a big empire.

She is frequently credited as the driving force behind business, and became handling director of her household's chain of wagering shops at the age of 22.

The current accounts filed on Monday revealed that Bet365 group's profits topped ₤ 3.4 bn in the year to 26 March, 2023, helped by a boost in activity from the Fifa World Cup in Qatar. That is up from ₤ 2.8 bn the year before.

However, it reported a pre-tax loss of ₤ 72.6 m loss compared to a ₤ 49.8 m revenue in the yohaig code previous 12 months.

The group released operations in the US and Canada which it stated led to a "considerable boost in expenses".

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