Despite a 50% cut in pay, Denise Coates remains one of the UK’s wealthiest executives, with Bet365 reporting a £596mn pre-tax profit and increased charitable donations

Denise Coates, the founder and co-CEO of Bet365, saw her pay nearly halved last year to £150mn, solidifying her status as one of the UK’s wealthiest executives despite the reduction. Coates, known for her pivotal role in building the family gambling empire, earned a salary of £95mn for the financial year ending March 2024, according to accounts filed at Companies House.

In addition to her salary, Coates received £55mn of the company’s £110mn dividends, taking her total earnings to £150mn, a drop from the £270mn she earned the previous year. This brings her total earnings over the past 15 years to an extraordinary £2.5bn, reflecting her enduring influence on the gambling giant’s success.

Coates, who graduated in economics from the University of Sheffield, transformed her family’s traditional bookmaking business into one of the world’s largest online betting companies. Starting operations in Stoke-on-Trent in 2001 with a loan backed by her father’s chain of betting shops, she chose to keep the company’s headquarters in its hometown despite the allure of offshore tax advantages pursued by many rivals.

Bet365 remains a significant employer in Stoke-on-Trent and one of the largest private company payers of corporate tax in the UK. The company reported a pre-tax profit of £596.3mn, a dramatic recovery from the £72.6mn loss it recorded the previous year during its aggressive expansion into new markets such as North America. Revenues increased by 9% to £3.7bn during the year.

The accounts also revealed that £120mn was donated to the Denise Coates Foundation, the group’s charitable arm, up from £100mn in the prior year. The foundation has been instrumental in supporting various philanthropic causes.

Bet365’s focus on international growth continues, with the company securing licences in multiple US states and devoting additional resources to expanding its footprint in both North and South America.

The Coates family also maintains a strong connection to Stoke City Football Club, which was previously majority-owned by Bet365. The club, which reported a pre-tax loss of £30.3mn for 2024, was demerged in July, with John Coates, Denise’s brother and co-CEO, assuming control.

Despite her reduced pay, Coates’ prominence in the business world remains unmatched, thanks to her strategic leadership and the enduring success of Bet365 in an increasingly competitive market.