{"id":25891,"date":"2023-01-16T19:34:11","date_gmt":"2023-01-16T15:34:11","guid":{"rendered":"https:\/\/www.lifeyet.com\/?p=25891"},"modified":"2023-01-16T19:34:11","modified_gmt":"2023-01-16T15:34:11","slug":"bet365-boss-denise-coates-was-paid-more-than-260m-in-year-to-march","status":"publish","type":"post","link":"https:\/\/lifeyet.com\/bet365-boss-denise-coates-was-paid-more-than-260m-in-year-to-march\/","title":{"rendered":"Bet365 boss Denise Coates was paid more than \u00a3260m in year to March"},"content":{"rendered":"\n

Pay package is drop of about \u00a335m on previous year but she still ranks as one of world\u2019s best-paid executives<\/strong><\/p>\n\n\n\n

The multibillionaire boss of gambling company Bet365 has collected annual pay and dividends of more than \u00a3260m \u2013 one of the world\u2019s biggest-ever pay awards but less than the record-breaking \u00a3471m she collected in 2020.<\/p>\n\n\n\n

Denise Coates, who set up Bet365 in a portable building in Stoke-on-Trent in 2000, was paid a salary of \u00a3213m in the year to March 2022, according to the company\u2019s latest accounts published on Friday. As the company\u2019s controlling shareholder she is also entitled to at least 50% of the \u00a3100m in dividend paid for the year.<\/p>\n\n\n\n

While her \u00a3263m pay is huge \u2013 and works out at just over \u00a31m for every working day of the year \u2013 it is 12% less than the \u00a3300m she collected in 2021, as the company paid out less profit while spending millions on international expansion plans.<\/p>\n\n\n\n

It takes the total paid to Coates since 2016 to almost \u00a31.5bn.<\/p>\n\n\n\n

Her extraordinary pay package regularly ranks among the highest in Britain and will maintain her status as the world\u2019s best paid woman at a time when many in the UK and across the globe are struggling to cope with the rising cost of living.<\/p>\n\n\n\n

Luke Hildyard, the director of the High Pay Centre, which campaigns for restraint in excessive executive pay, said it was \u201chopelessly inefficient for such a huge amount of income to accrue to one individual\u201d when so many people in Britain were \u201cgoing through such hardship\u201d.<\/p>\n\n\n\n

He added: \u201cA payment this size is obviously vastly more than necessary to encourage or reward success. Even the best business leaders depend on things beyond their control like an educated workforce, affluent customers and a stable economy. There really is no moral or economic justification for such extreme payouts and the inequality and division that they create.\u201d<\/p>\n\n\n\n

Coates built Bet365 into one of the biggest online gambling companies from her father Peter\u2019s Stoke-on-Trent bookmaking business. It has propelled her, her father and her brother, John, into the ranks of the UK\u2019s richest people, with a combined fortune of \u00a38.6bn according to the Sunday Times Rich List, which featured her on the cover of the latest edition.<\/p>\n\n\n\n

In the latest financial year, Bet365\u2019s profits dropped significantly. It made a pre-tax profit of \u00a349.8m for the year (after a \u00a326.2m loss from its ownership of Stoke City Football Club). That was significantly less than the \u00a3469m profit reported in the previous year.<\/p>\n\n\n\n

Gambling revenues increased by 2% during the year to \u00a32.85bn. Sports betting revenues fell by 2% but its online games revenues jumped by 25% during the year to make up the lost ground.<\/p>\n\n\n\n

The drop in profits was largely driven by \u00a3320m in extra \u201cadministration expenses\u201d that included advertising in new markets and spending on extra computers for expansion. It reported launches in Argentina\u2019s capital, Buenos Aires, the Netherlands, and in Colorado and Ontario in North America.<\/p>\n\n\n\n

Bet365\u2019s staff numbers rose to almost 6,100, up from 5,400 the year before.<\/p>\n\n\n\n

The company did not respond to requests for comment.<\/p>\n\n\n\n

After graduating with a first-class degree in econometrics \u2013 the application of statistical methods to economic data \u2013 from the University of Sheffield, Coates expanded the family\u2019s Provincial Racing chain to nearly 50 betting shops.<\/p>\n\n\n\n

As the millennium approached, she decided the future of betting was online and bought the Bet365.com domain on eBay for $25,000 (\u00a319,000), a move that helped catapult her and her family up the UK wealth league.<\/p>\n\n\n\n

Coates was awarded a CBE in 2012 for services to the community and business, and has become known as the \u201cpatron of the Potteries\u201d for her decision to continue to base Bet365 in Stoke, where it is the largest private sector employer.<\/p>\n\n\n\n

\u201cWe mortgaged the betting shops and put it all into online,\u201d she said at the time. \u201cWe knew the industry required big startup costs but we gambled everything on it.\u201d<\/p>\n\n\n\n

The revelation of her latest mega payday came just days after research showed the bosses of Britain\u2019s biggest companies made more money in 2023 by Thursday afternoon than the average UK worker will earn in the entire year.<\/p>\n\n\n\n

Paul Nowak, the general secretary of the TUC, the unions\u2019 umbrella body, called on the government to intervene to \u201cbring back some fairness on pay\u201d as many lower-paid workers struggle with swingeing real-term cuts to their income.<\/p>\n\n\n\n

\u201cEveryone deserves a fair day\u2019s pay for a fair day\u2019s work. But while working people are told not to ask for more, top pay is soaring,\u201d he said. \u201cWe need government action to bring back some fairness on pay. Workers should have seats on executive pay committees to bring some common sense to top pay. And ministers must set out plans for fair pay for everyone, starting by agreeing to pay negotiations in the public sector.\u201d<\/p>\n\n\n\n

If you are a writer then you can\u00a0write for us<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Pay package is drop of about \u00a335m on previous year but she still ranks as one of world\u2019s best-paid executives The multibillionaire boss of gambling company Bet365 has collected annual pay and dividends of more than \u00a3260m \u2013 one of the world\u2019s biggest-ever pay awards but less than the record-breaking \u00a3471m she collected in 2020. Denise […]<\/p>\n","protected":false},"author":2,"featured_media":25920,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[475],"tags":[4077,4078,10,473,17],"yst_prominent_words":[],"class_list":["post-25891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-united-kingdom","tag-bet365","tag-boss-denise","tag-featured","tag-news","tag-top"],"_links":{"self":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts\/25891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/comments?post=25891"}],"version-history":[{"count":0,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts\/25891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/media\/25920"}],"wp:attachment":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/media?parent=25891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/categories?post=25891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/tags?post=25891"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/yst_prominent_words?post=25891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}