Denise Coates, the CEO of Bet365, banks in over £270 million annually.
In Spite of Deficit, Coates Garbers a Generous Paycheck at Bet365
As per a report in The Guardian [Link in English], Denise Coates saw a salary hike of 7 million GBP (8.1 million euros) compared to the previous year.
Being the principal shareholder of Bet365, she is entitled to at least half of the 100 million GBP dividend for the year 2023. Coates, boasting an estimated fortune of over 12 billion GBP (14 billion euros), now ranks among the wealthiest women in the UK. Luke Hildyard, head of the High Pay Centre in the UK, voiced his thoughts on excessive executive pay:
Individuals should be rewarded for brilliance and success, but the query is what's fair and suitable... Ultimately, the UK's prosperity hinges on how the wealth generated by our economy is distributed. Piling hundreds of millions of pounds more onto the fortunes of billionaires every year isn't an optimal strategy to enhance living standards, and it overvalues the contribution made by the affluent elite.– Luke Hildyard, Chief of the High Pay Centre, The Guardian**
Bet365 Witnesses Deficit of over 69 Million Euros in 2023
In spite of an income boost from online sports betting and casino games, gambling provider Bet365 recorded a loss of more than 69 million euros [Link in English] in 2023. According to Bet365, this was due to an all-round rise in expenses across the entire company. Moreover, Bet365 was swindled by an English syndicate to the tune of 274,000 euros.
However, Bet365 did report a 29% surge in new clients compared to the preceding year. Denise Coates plans to enhance the Bet365 platform for 2024 to maintain this positive trajectory, featuring innovations in the Bet Builder, Bet Boosts, and live betting program.
Coates Transforms Betting Shop into Global Gambling Titan
Denise Coates revamped her father's betting shop into a global gambling powerhouse. In 2000, she snatched the present Bet365 domain for around 25,000 USD (23,000 euros) in an eBay auction. Bet365 has since expanded into one of the leading global gambling providers and is now the largest private employer in Stoke-on-Trent, UK.
The Coates family is now among the wealthiest families in the UK. Denise Coates has also been engaged in philanthropic pursuits in the past. In 2020, she contributed 10 million GBP (11.6 million euros) to the British National Health Service in the fight against the coronavirus.
Despite the financial loss, Bet365's online casinos in Germany continue to attract a substantial player base, contributing to the company's global revenue. Interestingly, many online casinos in Germany are reporting significant increases in revenue due to the shift towards digital gaming during the pandemic.
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