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Bet365 boss earns ₤ 469m in a single year

1 April 2021

The boss of the betting company Bet365 has been granted one of the biggest pay packages in UK business history.

The highest paid director of Bet365 Group - believed to be founder and majority shareholder Denise Coates CBE - made a salary of ₤ 421m in the year ending 29 March.

She likewise made ₤ 48m in dividends, taking her overall pay to ₤ 469m.

The business stated the plans were "suitable and fair", regardless of sales falling at the firm last year.

But campaign group the High Pay Centre said it was "appallingly inefficient for single individuals to hoard wealth in this way".

Ms Coates, who established the Bet365 website 20 years earlier in Stoke-on-Trent, has actually been the yohaig code UK's highest paid employer for numerous years.

She is likewise one of Britain's wealthiest women and a major benefactor, contributing millions through the Denise Coates Foundation.

Her income in the year to March was more than 50% higher than the ₤ 277m gotten in 2019 and meant she earned nearly ₤ 1.2 m every day last year.

That was more than the managers of every FTSE 100 company combined, according to the High Pay Centre.

It came as sales at Bet365 fell 8% to ₤ 2.8 bn as worldwide sporting events were cancelled due to the pandemic. Profits plunged 74% to ₤ 194.7 m.

However, the business stated it had not cut staff pay or laid off employees as a result of the crisis. It also did not make usage of the furlough scheme.

The business likewise paid ₤ 85m to Ms Coates's charitable foundation.

Ms Coates and her bro John took control of the gaming organization twenty years back, which was run by their father. Ms Coates now owns about half of the business.

She has previously been explained as among the UK's "most effective women".

Ms Coates attained a first-class degree in econometrics and later on trained as an accounting professional within the household company, constructing even more on the understanding of the then little chain that she chose up while working part-time during high school.

The president's yearly pay package is most likely to be the greatest in UK history. Earlier this promotion code month, hedge fund magnate Sir Chris Hohn staked a claim to that title after paying himself ₤ 343m in 2015.

How Bet365's Denise Coates struck her own jackpot

18 December 2019

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