{"id":112081,"title":"Denise Coates, the UK’s wealthiest woman, has earned £270 million at Bet365.","publisher":"Share Talk","author":"sharetalk","published":"2024-01-08T14:41:57+00:00","modified":"2024-01-08T14:41:57+00:00","canonical_url":"https://www.share-talk.com/denise-coates-the-uks-wealthiest-woman-has-earned-270-million-at-bet365/","markdown_url":"https://www.share-talk.com/denise-coates-the-uks-wealthiest-woman-has-earned-270-million-at-bet365.md","json_url":"https://www.share-talk.com/denise-coates-the-uks-wealthiest-woman-has-earned-270-million-at-bet365.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Financial","Technology","Technology, Media & Telecoms"],"tags":["Bet365","Britannia Stadium","china","Colorado","Denise Coates","HMRC","Iowa","Kentucky","Louisiana","Ohio","Peter Coates","Qatar","Stoke City FC","US market","Virginia","World Cup"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/01/Bet365.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"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.\n\nAccording to recent financial statements, Ms Coates received a combined sum of £270 million from Bet365 in salary and dividends last year.\n\nHer 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.\n\nMs. 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.\n\nShe 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.\n\nDiffering 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.\n\nHer 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.\n\nThe 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.\n\nThey also own the home ground of Stoke City, the Bet365 Stadium, which was formerly known as the Britannia Stadium.\n\nMs. 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.\n\nFor the fiscal year ending in March 2023, Bet365 reported a turnover increase to £3.4 billion, up from £2.8 billion the previous year.\n\nThe surge in Bet365’s turnover was attributed to betting activities during the 2022 World Cup in Qatar, as stated by the company.\n\nDespite 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.\n\nBet365 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.”\n\nIn 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.\n\nAdministrative 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.\n\nBet365 did not provide a geographical breakdown of its sales, citing potential severe prejudice to the group’s interests.\n\nThere have been inquiries regarding the extent of Bet365’s earnings from the Chinese market."}