Bet365 Shows Strong Results as Denise Coates Salary Is Halved
Denise Coates, the CEO of global bookmakers brand bet365, has continued to oversee the strong financial results of the gaming operator but has seen her salary reduced by 45% for the year.
Bet365 CEO Denise Coates sees her salary cut to £150 million.
LISTEN TO THIS ARTICLE:In a financial statement for the bet365 group it was shown that in 2024 Coates was paid more than £150 million for the year, this was made up of £94 million for salary and £63 million as a dividend.
Previously Coates has been one of the highest paid CEO’s in the United Kingdom (UK) due to the company’s outstanding performance in the gambling industry, and her total renumeration for 2023 was over £278 million.
In details of the financial results achieved by bet365 it saw the group earn a pre tax profit of £596.3 million and this compares to a loss of £72.6 million made by the bookmaker during the previous year.
Coates has faced criticism from some anti-gambling organizations for her salary in earlier years, during a worldwide cost of living crisis. Additionally, her donation of hundreds of thousands of pounds to the UK Labour Party, now in government, has been seen by some critics as trying to influence the government with amendments to the Gambling Act imminent.
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Coates Spotted Online Gambling Potential Early On
One of the reasons bet365 has become such a phenomenon in the UK and global betting markets is because Coates was quick to see the potential surge in online gambling in the industry. As one of the early adopters bet365 has been able to position the business as one of the dominant bookmakers in the gaming industry.
I was convinced early on that gambling would work well on the internet. It is private, accessible and allows you to present a huge range of betting opportunities to customers.
It is estimated that Coates has earnt more than 2.5 billion as she helped to make the bookmaker a leading global betting business. The brand has paid £364 million into the UK economy in taxes last year and employs more than 9,000 workers in Stoke in the UK where the group is based.
The bookmaker has been pursuing a strategy of growth in the Latin America jurisdictions and earlier this week announced it had entered the Brazilian regulated gambling market with its casino and sports book platform.
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