Published on: January 7, 2025, 08:49h.
Last updated on: January 7, 2025, 08:49h.
Denise Coates, CEO of Bet365 and the highest-paid woman in Britain, saw a reduction in her pay last year, but still earned a substantial £150 million (US$188 million) in salary and dividends based on the company’s latest reports.
Despite the decrease in pay, Bet365 saw an increase in revenues from £3.4 billion (US$4.2 billion) to £3.7 billion (US$4.7 billion) year over year, resulting in a pre-tax profit of £596.3 million (US$ 748 million) in 2014. This was a significant improvement from the £72.6 million (US$91 million) loss the year before, mostly due to high costs related to US expansion.
Even with the loss in 2023, Coates still managed to pay herself £270 million (US$339 million), a decline from the £421 million (US$528 million) she received in 2020.
Setting Records
In 2020, Coates earned the title of the highest-paid person in British corporate history, making approximately £237,348 ($328,276) per hour based on a 38-hour work week.
She may have also been the highest-paid executive globally that year, surpassing Jeff Bezos, who paid himself $80,000, and Elon Musk, whose Telsa salary at the time was mainly based on stock options with potential earnings of $700 million or nothing depending on performance.
Coates’ recent earning brings her total compensation from Bet365 to around £2.5 billion (US$3.1 billion) over the past 15 years. Critics argue this amount is excessive and more than anyone could spend in a lifetime.
However, supporters highlight that Coates has kept Bet365 in the UK, unlike many competitors in the online gambling industry who have moved offshore. This decision has made Bet365 a significant contributor to UK taxes and the largest employer in Stoke-on-Trent, England, where the Coates family resides.
As a majority shareholder, Coates could lower her tax burden by taking dividends but chooses not to do so. Additionally, the company has donated £120 million (US$150 million) to the Denise Coates Foundation, which supports various causes like health, welfare, research, education, and disaster recovery.
From Small Beginnings
Coates, along with her brother John, founded Bet365 nearly 20 years ago in a portable building in Stoke, transforming her father’s chain of betting shops into one of the largest online gambling firms globally.
The Coates family ranks 20th in The Times of London’s list of wealthiest Brits, with a combined net worth of almost £7.5 billion (US$9.4 billion).