As of January 8, 2024, global betting company Bet365 saw a substantial loss due to their North American investment. As reported by our colleagues at Casino.org, the company showed a pre-tax loss of £72.6 million (US$93 million) in their latest filings.
The elusive CEO of Bet365, Denise Coates, seems unaffected by these numbers. Despite her company’s loss, Coates pocketed a staggering £270.7 million in the year leading up to March 2023 – raising her status to the richest woman in the UK. Notably, this is not a major deviation from her earnings the year before, and far less than her impressive 2020 earnings.
However, considering Coates’ salary in relation to the hours worked, it amounts to staggering numbers. She earned around £237,348 (US$303k) per hour and £3,955 per minute in 2020. Not too shabby for someone who started a betting empire from a modest location in the Midlands of England.
In terms of earnings, Coates’ salary is ten times more than any FTSE 100 boss and surpasses that of prominent figures in Wall Street such as Stephen Schwarzman. The bulk of her wealth comes from salary as Bet365 is a private family-owned business.
Despite these numbers, not everyone is impressed by Coates’ income. Campaign groups like High Pay Centre have criticized her earnings as “neither fair nor proportionate.” They argue that while Coates may be a top taxpayer in the UK, allocating a significant amount of wealth year after year to the super-rich doesn’t equate to improved living standards.
On the business side, while Bet365 experienced reduced profits, they have seen a 19% revenue growth from the previous year. This growth is primarily owed to the 2023 World Cup in Qatar, which boosted revenues to £3.39 billion (US$4.32 billion).
It was also reported that online casino gaming grew by 31%, and Bet365 has launched in various US markets, including Colorado, Ohio, Virginia, and others. The company remains optimistic about the potential contributions these markets can make to the company’s success.
While its sports betting division accounted for a major portion of revenue, Bet365 has diversified into the online casino sector, adding to its overall growth.