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Bet365: UK's best-paid manager strikes ₤ 323m jackpot

Bet365 employer Denise Coates has received a ₤ 323m payday, validating her position as the UK's best paid executive.

The co-founder of the online gambling company was paid a ₤ 277m income plus dividends as the yohaig code popularity of online gambling continues to grow.

The firm's accounts, external show that in the year to end-March her salary rose from ₤ 220m on the previous period.

But the increase comes as the market dealt with installing criticism, consisting of over children betting.

Gambling: Just how much do we spend in the UK?

The independently held company is owned jointly by Ms Coates and members of her direct family, including her sibling John, who is joint chief executive, and her dad Peter, the firm's chairman.

Ms Coates earned a superior degree in econometrics - the application of statistical methods to economic data - from Sheffield University before joining the yohaig code High Street wagering company, run by her dad.

She identified the capacity of online betting in 2000 and bought the domain Bet365.com so that she could drive the household service because instructions.

Bet365 made a revenue before tax of ₤ 791m in the year, compared to ₤ 661m the year before.

The company paid dividends of ₤ 92.5 m, half of which are believed to have actually gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of companies owns Stoke City Football Club, which made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which monitors income, stated the timing of the release of the Bet365 results looked "negative", provided it was just after a basic election.

High Pay Centre executive director Luke Hildyard stated: "This looks like negative timing, sneaked out directly after a basic election project where excess wealth, taxes on the rich and the vast gap between those on top and everyone else have been crucial problems."

He included: "Business success should be incentivised and rewarded, but a payment a portion of this size would still manage a way of life beyond the wildest dreams of many people."

Mr Hildyard said there was "clearly scope" for those collecting such amounts to pay their workers more or contribute more in taxes.

Child gambling

In October, Cardiff University research study recommended that two-fifths of 11 to 16-year-olds had actually bet in the previous year.

The study said this was "particularly worrying, considered that throughout the UK, many kinds of business gambling are only legal for those aged 18 and over".

Fruit devices were the most popular form of gaming, followed by playing cards for money with pals and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement stated at the time: "The evidence shows that individuals who bet earlier in life are most likely to end up being problem gamblers in the adult years."

However, a Gaming Commission study in October, external suggested that 11% of children had bet within a week of the yohaig code study being carried out.

But in addition, the regulator cautioned in July, external of research study that suggested links in between "problem gaming and suicidal thoughts or efforts".

Bet365 says it has "an unwavering dedication to provide industry-leading approaches to gamer protection", consisting of monitoring client gambling, and states it will "terminate the [consumer] relationship if it feels the threat of damage is too expensive".

Just how much should employers be paid?

Child betting a 'growing problem' - research study

15 October 2019

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