Bet365 Founder Remains UK’s Top Taxpayer Despite Salary Cut
Bet365s creator, Denise Coates, experienced a substantial salary reduction of £170 million (around $227 million). This decrease did not prevent her from retaining the leading position as the highest taxpayer in the United Kingdom.
Financial records submitted to Companies House reveal that the betting firm’s income held steady at £2.8 billion for the financial year concluding in March 2021. Profits attained an extraordinary £4.7 billion, with Coates receiving a basic salary of roughly £2.5 million in her roles as founder and co-chief executive. Her controlling interest in Bet365, surpassing 50%, also yielded her slightly less than £50 million in dividend payouts.
Despite a considerable pay cut compared to the preceding year, Coates still acquired close to £300 million when combining her base salary and dividends. Her aggregate earnings have reached an astounding £1.3 billion over the past five years.
The company acknowledged the effects of the global health crisis, stating, “As the period commenced, we encountered a near-total halt to sporting competitions; however, by the conclusion of the first six months, we witnessed the revival of sports with the majority of European football leagues successfully finishing their national seasons.”
Despite these obstacles, Bet365 only encountered a 13% decline in sports wagering turnover. It is noteworthy that the company’s financial statements also encompass losses from Stoke City Football Club, which is 93% owned by the Coates family.
Even with a self-imposed salary decrease, Denise Coates, bet365’s chief executive, witnessed her family’s gaming enterprise achieve unprecedented earnings. Their operational gains surged by nearly half, reaching £286 million. The Coates family, originators of the internet gambling behemoth in 2001, contributed a remarkable £482 million in levies this year. This positions them as the United Kingdom’s top contributors, effortlessly exceeding even the second-largest, Chris Rokos.