Bet365 boss salary of £ 421m in 2020 eats up over £ 1bn over four years

Bet365 boss salary of £ 421m in 2020 eats up over £ 1bn over four years

08.05.2021 0 By Andrzej Sikorski

Bet 365's head of gambling, Denise Coates, received nearly half a billion pounds in wages and dividends last year, being the latest in a series of record-breaking prizes, brought her total salary to nearly £ 1.3 billion since 2016.

After a remarkable delay in filling their Companies House accounts, Bet 365 revealed that its highest paid director, understood as Coates as CEO, received £ 421m - or £ 48,000 every hour every day for the entire 12 - month period. In its books, the company stated that its compensation arrangements were "appropriate and fair".

Bet 365 also paid a dividend of £ 95m signaling a separate bonus of around £ 45m as Coates, who owns more than half of the empire she built through her father Peter Stoke-on-Trent's bookmaking business.

The deal is just the latest bumper package for Coates, which - along with Peter and her brother John - ranked 16th on last year's Sunday Times Rich People List with a net worth of £ 7bn.

It is likely to strengthen the family's position as the largest taxpayer in the UK as well, contributing over £ 500 a year taking into account the Bet 365 tax.

But critics of overpayment and the gambling industry said it was difficult to justify the scale of the rewards being offered to Coates.

"Of course, rich people pay more taxes, they have a gross income gap," said Luke Hildyard, director of the High Pay Center.

"What matters is how much money they have after tax, and in her case it is more than anyone can spend in many lifetimes," he said.

“Accumulating wealth in this way is appallingly ineffective, while fairer tax systems can mean that wealth is instead used to support better public services or raise living standards for the low and middle income. "

Coates was paying herself £ 323 million in 2019, including wages and dividends from her over 50% stake in the Stoke-on-Trent-based company. The pay package, then a record for the UK CEO, took her three-year income to £ 817m.

The new improved deal takes her payout and dividend from 2016 to nearly £ 1.3 billion.

Scottish National Party MP Ronnie Cowan, a high-profile advocate for tightening gambling laws, appreciated Coates' hard work and success, but added: he does, then wages of this size will always be criticized. "

Bet 365 saw 8% drop in revenue to £ 2.81bn for the 52 - week end of March 29, 2020, partly due to the cancellation of sporting events due to the Covid pandemic last year, as well as the absence of a major football tournament during that period .

Operating profit fell by the 74% to £ 194.7m down from £ 758.3m in 2019, due to a reduction in revenues but also as a result of a salary increase for four directors, only one of whom is not a member of the Coates family. The quartet's total salary increased from £ 373 million to £ 529 million.

The company, which also owns Stoke City Soccer Club, will not publish results covering most of the pandemic period for at least the next nine months, but it has likely performed very well given the increase in online gambling with competing companies.

Coates became the highest-paid woman in the UK, building the Bet 365 empire after recognizing the power of online gambling at an early stage and pioneering the hugely popular soccer betting that outperformed horse racing in popularity among players.

She moved the company from a small company housed in a portable building in a Stoke parking lot to a multi-billion dollar empire around the world.

Bet 365 has repeatedly refused to provide a geographic breakdown of its operations, despite previous allegations of offering bets in China where it is illegal.

In his accounts, Bet 365 stated that disclosing regional income would be "seriously harmful" to the group.

register

the company said it donated £ 85 to the Denise Coates Foundation, supporting causes such as Douglas Macmillan's Hospice and Alzheimer's Research UK. The foundation's page on the Charity Commission website does not provide any information as to whether any money goes to problem gambling treatment, but Bet 365 said it has made progress in protecting people at risk through an early risk detection system.

Coates said: “On behalf of the board of directors, I am pleased to announce that the group has made significant progress over this period, particularly in the priority area of gambling safety, where significant investments and changes have been made.

“Covid-19 was also initially affected during this period, and sport at all levels was stopped worldwide. I am delighted with how the group has reacted and adapted to these difficult circumstances. "