Bet365 boss earns £469m in a single year

Hugh Mc Enaney
The usually low-profile Denise Coates was appointed CBE for services to the community and business in 2012

The boss of the gambling firm Bet365 has been awarded one of the biggest pay packets in UK corporate history.

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

She also earned £48m in dividends, taking her total pay to £469m.

The company said the arrangements were “appropriate and fair”, despite 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 founded the Bet365 website 20 years ago in Stoke-on-Trent, has been the UK’s highest paid boss for several years.

She is also one of Britain’s wealthiest women and a major philanthropist, donating millions through the Denise Coates Foundation.

Her salary in the year to March was more than 50% higher than the £277m received in 2019 and meant she earned almost £1.2m every day last year.

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

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

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

The company also paid £85m to Ms Coates’s charitable foundation.

Ms Coates and her brother John took over the gambling business 20 years ago, which was run by their father. Ms Coates now owns about half of the company.

She has previously been described as one of the UK’s “most successful women”.

Ms Coates achieved a first-class degree in econometrics and later trained as an accountant within the family firm, building further on the knowledge of the then small chain that she picked up while working part-time during high school.

The chief executive’s annual pay packet is likely to be the biggest in UK history. Earlier this month, hedge fund tycoon Sir Chris Hohn staked a claim to that title after paying himself £343m last year.

 

Still have questions? Ask our experts!
Comments
Follow this expert
Follow this author

You've successfully followed this author. You'll get notifications of his new tips on your registered e-mail.

You've successfully followed this expert. You'll get notifications of his new tips on your registered e-mail.

Follow this author
Follow this expert

This means that you will no longer receive notifications about new posts by this author to your e-mail address.

You will no longer be notified of this expert's new tips.

The website you are trying to access is not one of our trusted partners.
You will be forwarded to the website
Visit site