Denise Coates, Britain’s wealthiest woman, experienced a £7 million increase in her earnings, totalling just over £220 million last year, even though her family’s betting company, Bet365, reported a loss.
According to recent financial statements, Ms Coates received a combined sum of £270 million from Bet365 in salary and dividends last year.
Her salary rose to £220.7 million, an increase from the previous year’s £213 million. Additionally, she benefited from a dividend of approximately £50 million, consistent with the payout she received the year before.
Ms. Coates ranks among the highest-paid executives globally and consistently leads as the top-earning CEO in Britain. She earns approximately £1 million for each working day of the year before taxes.
She has been at the helm of Bet365 since its inception in a Portakabin in Stoke 20 years ago. Not only is she the founder and CEO of Bet365, but she also holds the majority ownership of the company.
Differing from other business owners who primarily accumulate wealth through dividends or share payouts, Ms. Coates receives a substantial salary. This payment structure subjects her to a higher tax liability, with Ms. Coates and her family contributing an estimated £460 million in taxes to HMRC last year.
Her brother, John, plays an integral role in the business as a major shareholder, while her father, Peter, was the original founder of the company. The Coates family’s net worth exceeds £8 billion.
The Coates family plays a major role in supporting Stoke City FC, with Bet365 being the principal shareholder of the club and Peter Coates serving as its chairman.
They also own the home ground of Stoke City, the Bet365 Stadium, which was formerly known as the Britannia Stadium.
Ms. Coates’ earnings have remained relatively consistent for the past three years, following scrutiny in 2020 when she received £421 million in salary and £48 million in dividends.
For the fiscal year ending in March 2023, Bet365 reported a turnover increase to £3.4 billion, up from £2.8 billion the previous year.
The surge in Bet365’s turnover was attributed to betting activities during the 2022 World Cup in Qatar, as stated by the company.
Despite this, the group reported a loss of £72.6 million due to substantial investments in the US market. This was a downturn from the £49.8 million profit recorded in 2022.
Bet365 commented on the situation, noting, “High initial investment is required when entering new markets, but the directors are optimistic about these markets making a significant contribution to the group in future periods.”
In the financial year, the company secured several gambling licenses in the US, expanding its presence to states including Colorado, Ohio, Virginia, Iowa, Kentucky, and Louisiana.
Administrative expenses, which include IT costs, increased by over £585 million. The company’s total payroll grew by 11% after adding 1,500 new employees, bringing the total workforce to approximately 7,500.
Bet365 did not provide a geographical breakdown of its sales, citing potential severe prejudice to the group’s interests.
There have been inquiries regarding the extent of Bet365’s earnings from the Chinese market.
