The multi-billionaire owner of one of the most popular British gambling operators – bet365 – has once again collected a massive annual pay and dividends.
Denise Coates’ annual salary, which amounted to more than £260 million in 2022, has been estimated as one of the largest-ever pay awards on a global scale, although it remains a lot lower than the record-breaking £471 million she collected back in 2020. The company’s records say that she received just over £1 million for every working day of the year, although the overall sum was 12% lower than the £300 million she received in the previous year, as the gambling operator paid out a smaller profit while at the same time it spent millions on its global expansion strategy.
According to the latest accounts that bet365 published on January 6th, Denise Coates was paid a salary estimated at £213 million in the year ending on March 31st, 2022. As the controlling shareholder of the British online gambling giant, she also has the right to receive at least half of the £100-million dividend paid for the same year. This makes a total pay award of £263 million for the year ending in March 2022.
The record annual pay of bet365’s boss takes Ms Coates’ total paycheck to almost £1.5 billion since 2016.
bet365 Generates £48.9-Million Pre-Tax Profit in 2022
As Casino Guardian previously reported, Denise Coates’ extraordinary pay package regularly ranks among the highest ones in the UK and has helped her keep her status as the best-paid woman in the world, even at a time when a large number of people in Britain and over the world are struggling to deal with the constantly rising living costs.
Denise Coates managed to build bet365 into one of the largest online gambling operators not only in the country but also on a global scale. That helped her, her father Peter Coates, and her brother John Coates, become some of the richest people in the UK. According to the Sunday Times Rich List, their combined fortune was estimated at £8.6 billion.
The latest financial year saw the profits of bet365 experience a significant decline. The online gambling company generated a £48.9-million pre-tax profit for the year, which was considerably lower than the £469-million profit reported in the previous 12-month period. The operator reported a 2% increase in its gambling revenues to £2.85 billion, while its sports betting revenues declined by 2%. Online games revenues in the year 2022 rose by 25% and helped bet365 compensate for the rest of its losses.
According to reports, the aforementioned drop in the company’s profits was mostly driven by £320 million paid to cover some additional “administration expenses” that included spending on extra computers for the operator’s expansion and advertising expenses in new markets. In 2022, bet365 reported launches in the Netherlands, in the capital city of Argentina, Buenos Aires, in the US state of Colorado and in the Canadian province of Ontario. The number of people working for the company rose from 5,400 in the 12 months to March 2021 to 6,100 in the year ending on March 31st, 2022.
- Author
Olivia Cole
