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Sunday, May 19, 2024
Sunday May 19, 2024
Sunday May 19, 2024

Bet365 boss Denise Coates earns £742,000 daily despite company’s £72 million loss: Britain’s richest woman faces criticism

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Reclusive billionaire’s £271 million earnings in 2023 spark controversy amidst gambling firm’s financial struggles

Denise Coates, the elusive billionaire and head of gambling giant Bet365, has become Britain’s richest woman, amassing an astonishing £271 million in pay and dividends in 2023, despite her company posting a significant annual loss of £72 million. Coates, whose total earnings since 2014 now stand at £2.3 billion, is making headlines as the highest-paid boss in the UK, pocketing the equivalent of £742,000 each day.

Bet365, founded by Coates in 2000 from a portable cabin in Stoke-on-Trent, faced a financial setback with an annual loss of £72.6 million, attributed to overseas expansion and losses at Stoke City Football Club, which the company owns. Despite this, Coates’ personal fortune has grown, estimated at £6.2 billion, making her one of the UK’s most significant taxpayers, contributing approximately £460.2 million to the Exchequer in the last year.

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Criticism has arisen over the vast pay gap between Coates and the financial struggles of Bet365. Luke Hildyard, the executive director of the think tank High Pay Centre, expressed concerns about the fairness and appropriateness of Coates’ substantial pay package. He emphasized the societal factors contributing to Coates’ wealth, including money from gamblers, the efforts of thousands of staff, and the infrastructure supporting sports events.

Bet365 responded to the criticism, stating that it had contributed £100 million to the Denise Coates Foundation, with the charity’s latest accounts revealing commitments to £11 million in grants and donations. The foundation’s focus aligns with Bet365’s dedication to safer gambling, with ongoing investments in Early Risk Detection.

Denise Coates, known for her privacy, resides in a £90 million steel and glass mansion designed by Lord Norman Foster’s architectural practice in Cheshire. The estate, set in 52 acres, reportedly features a sunken tennis court, stables, ornamental gardens, workers’ cottages, and a boathouse.

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