Denise Coates, the Chief Executive Officer of Bet365 and one of the wealthiest women in Britain received a significant pay cut last year, reducing her total earnings by 45%. Despite this reduction, Coates still took home a package valued at over $188 million for the fiscal year ending March 2024.
The company’s highest-paid director, widely believed to be Coates, earned approximately $119 million in salary during the year, a sharp decline from the nearly $278 million she received the previous year. Additionally, Coates was entitled to more than half of the $138 million in dividends paid out by the group, amounting to approximately $79 million—an increase from $125 million in dividends distributed the prior year.
The success of Bet365, headquartered in Stoke-on-Trent, has often been attributed to Coates’ leadership. The company, which operates one of the world’s largest online gambling platforms, serves as the largest employer in the Stoke area. For the fiscal year, Bet365 reported a pre-tax profit of $749.3 million, rebounding from a $91.2 million loss in the previous year, which had been attributed to its ongoing expansion into regions such as North America. The growth strategy appears to be yielding results, with the group’s revenue increasing by 9% to $4.6 billion. The reduction in executive pay also contributed to the improved profitability.
Coates, who is frequently recognized as one of the UK’s most successful women and among the highest-paid executives globally, has a storied history with the company. She launched Bet365 over two decades ago from a portable building in a car park in Stoke-on-Trent, leveraging her econometrics degree and accountancy training within her family’s business.
Under her guidance, Bet365 evolved from her father’s small bookmaking enterprise into a global online gambling powerhouse. She assumed the role of managing director for her family’s chain of betting shops at just 22 years old and has since been regarded as the driving force behind the group’s success.
Her brother, John Coates, serves as co-chief executive of Bet365 and is also joint chairman of Stoke City Football Club. The Coates family collectively holds a net worth of approximately $9.4 billion.
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