Big money
Bet365 Founder and Chief Executive Denise Coates was handsomely rewarded during the company’s latest financial year, taking in at least £271m ($345m). This was despite the operator posting a pre-tax loss of £72.6m ($92m).
she controls over half of Bet365
Coates’ salary for the 12 months ending March 2023 was £221m ($281m), an increase from the previous year’s £213m ($271m) pay packet. She also received approximately £50m ($64m) in dividends, as she controls over half of Bet365. This all means that she has been remunerated with more than £1bn ($1.3bn) over the past four years.
It also has the knock-on effect of Coates often paying more tax than any other individual in the UK. The highest tax rate on salaries is 45% and 40% for dividends. Talking to the Financial Times, Regulus Partners Analyst Paul Leyland mentioned that Coates can gain some political advantage given how much she contributes to the government each year, which is important for someone in such a heavily scrutinized sector.
Staggering sums
Coates earns a higher salary than any CEO on the FTSE 100 and S&P 500, with private equity business Blackstone Group CEO Stephen Schwarzman coming closest with a salary of $253m in the most recent year. He did also receive approximately $1bn worth of dividend payments during the same period.
The highest point that Coates’ salary ever reached was £421m ($535m) in 2020, before it dropped significantly during the pandemic years. The 56-year-old also contributes to the Denise Coates Foundation, which helps communities across the world.
Rising costs
Total revenue at Bet365 for the most recent financial year was £3.4bn ($4.3bn), an uptick of 17% year-on-year. Expansion into new regions was a contributing factor to its pre-tax loss; one of its big focuses was to gain a foothold in the North American market. It now has platforms in New Jersey, Louisiana, Kentucky, Iowa, Virginia, Ohio, and Colorado. The company also has an online casino and sportsbook live in Ontario, Canada.
the parent company also owns the Stoke City Football Club
In addition to running the Bet365 online gambling platform, the parent company also owns the Stoke City Football Club, which plays the second tier of English soccer. The club’s annual loss decreased from over £26m ($33m) to £12.4m ($15.8m) year-on-year. Bet365 still has its headquarters in Stoke-on-Trent, the region in the UK where it was set up in 2001.
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- Source: https://www.vegasslotsonline.com/news/2024/01/09/bet365-ceo-took-home-271m-in-pay-last-year-despite-73m-pre-tax-loss/
