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Bet365 Boss Denise Coates’ Remuneration Remains Soaring Despite Salary Reduction
Denise Coates, the billionaire chief executive of online gambling giant Bet365, is widely recognized as one of the United Kingdom’s wealthiest women. Her compensation, frequently a subject of public and industry interest, reached a peak annual salary of £421 million in 2020, and her total earnings have exceeded £1 billion over the past five years. Despite a recent salary decrease, her substantial earnings continue to position her among the highest-paid executives globally. This report examines Coates’ latest remuneration and Bet365’s financial performance.
From Humble Beginnings to Global Online Betting Powerhouse
Founded in Stoke-on-Trent in 2000, Bet365 began with a modest team of just 12 employees. Under Denise Coates’ leadership, the company has expanded dramatically, now boasting over 9,000 employees in offices worldwide and serving more than 100 million customers. Recent filings with Companies House reveal that Coates, serving as co-CEO of the prominent online betting firm, received £94.6 million in remuneration for the fiscal year concluding on March 31, 2024.
Salary Adjustment and Company Dividends
While substantial, this year’s figure represents a significant reduction compared to the £220.6 million Coates received in the preceding year. As the holder of a 58% stake in Bet365, the 57-year-old executive is also entitled to a portion of the group’s £110 million dividend payout, alongside her brother, who shares the co-CEO role at Bet365.
Impact of Salary Cut Amidst Profitability
Denise Coates’ salary experienced a noteworthy 41% decrease, translating to a reduction of nearly £130 million. This salary adjustment occurred even as the betting conglomerate demonstrated a return to robust profitability, posting profits nearing £600 million.
Denise Coates: A Profile of Success
Armed with a first-class degree in econometrics and initial training as an accountant within the company structure, Denise Coates has been lauded as one of the UK’s “most successful women.” Her career trajectory and financial achievements firmly establish her as one of the highest-compensated executives on a global scale.
Coates Family Wealth and Bet365’s Dominance
The Coates family’s considerable wealth, estimated at approximately £7.5 billion, secured them a prominent 20th position on the previous year’s Sunday Times Rich List. Denise Coates is largely credited with spearheading Bet365’s impressive ascent to prominence. The gambling enterprise provides a wide array of online wagering options, including sports betting, casino games, poker, and bingo, attracting millions of users across the globe.
Vision for Online Gambling
According to her brother, John Coates, Denise Coates recognized the immense potential of online gambling 25 years ago while working within their family’s chain of local betting shops. Her early vision and strategic foresight proved pivotal in shaping the future of the industry.
Pioneering the Shift to Online Betting
Persuading her family to mortgage their existing business, Denise Coates utilized the capital to develop bespoke software for Bet365. She established the company’s headquarters in a temporary building within a car park in Stoke-on-Trent, marking the beginning of a transformative journey. As a native of Stoke-on-Trent, she has been instrumental in driving the expansion of the online gambling sector and leading the transition from traditional land-based betting to online platforms.
Bet365’s Local and Global Impact
Reflecting its substantial growth, Bet365 now stands as the largest private-sector employer in the Stoke area, solidifying its local economic significance. Furthermore, Bet365 is recognized as one of the world’s foremost online gambling websites, demonstrating its global reach and industry influence.
Past Compensation and Industry Comparisons
Denise Coates attracted significant attention in 2020 when her compensation reached an astounding £466 million. This occurred as company revenues surged during the COVID-19 pandemic period. In 2021, she received another substantial payout of £300 million, further highlighting her exceptional earnings.
Continuing High Compensation
Despite the recent reduction, Denise Coates’ current compensation remains significantly higher than that of top executives at many of the world’s most valuable corporations. Her earnings consistently surpass those of numerous global business leaders.
Comparison with Tech CEOs
For context, Tim Cook, the renowned CEO of Apple, earned $63.2 million (£50.4 million) in 2023, which is approximately one-third of Denise Coates’ compensation for the same year. Similarly, Nvidia CEO Jensen Huang, who guided the chipmaker through a remarkable period of market value growth, earned a comparatively modest $34.2 million (£27.3 million) in the 2024 fiscal year. In contrast to Coates’ shares in her privately held family enterprise, which have simpler vesting terms, both Huang and Cook’s company shares are subject to more complex vesting conditions.
Regulatory Scrutiny and Public Reaction
In April of the previous year, Bet365 faced regulatory action, being fined £582,000 by the Gambling Commission. This penalty resulted from findings that the online betting firm had violated anti-money-laundering regulations and failed to adequately protect vulnerable customers.
Campaign Group Concerns
Denise Coates’ substantial annual compensation has also drawn criticism from campaign groups. Several organizations have voiced their concerns and disappointment regarding her considerable payouts, particularly amidst the backdrop of the UK’s ongoing cost-of-living crisis, which is considered one of the most severe in recent times.