Bet365 Founder & CEO Denise Coates gets £469 million ($650M) in pay & dividends in 2020
Denise Coates, the 53-year-old founder & CEO of Bet365 Group, has received £468.9 million ($648 million) in pay and dividends in 2020, almost 50 per cent more than a year earlier, a fresh filing from the British online gambling firm revealed.
According to online gaming firm’s filing, CEO Coates pocketed £421 million ($582 million) in salary last year. The figure shattered her previous year’s salary of £277 million ($383 million). With her most recent salary, she becomes one of the world’s best-paid CEOs. Additionally, it strengthens her status as the United Kingdom’s richest woman by adding to her fortune that is already among the world’s 500 largest fortunes.
As she also owns a majority stake (50.1%) of the company, she was entitled to a further £48 million ($66 million) in the form of dividends issued by the company on the shares that she owns.
Based on an average working week in the United Kingdom of 38 hours, publicity-shy Coates earned roughly £237,348 ($328,276) per hour. That is £3,955 ($5,470) per minute. She was the highest-paid executive in the country in 2019, 2018, and 2017. In the past four years, the mother of five raked in nearly $1.3 billion. For further perspective, Coates’ pay packet was higher than all “FTSE 100” Index chief executives combined.
Founded in 2000 in a portable building in Stoke-on-Trent by Denise Coates, Bet365 offers sports betting and casino type games. It has headquarters in Stoke-on-Trent, and offices in Australia, Bulgaria, Manchester, Gibraltar, and Malta. The group employed more than 4,000 people as of 2020. Bet365 is a trading name of Hillside (New Media) Limited, and operations including payments through the affiliate program are performed under this name.
Denise Coates owns Bet365 jointly with members of her family, including Brother John and father Peter. John is serving the privately-held online bookmaker as a joint CEO, while Peter is serving it as its chairman. As part of Bet365, the family also owns soccer club Stoke City, which suffered a loss of £8.7 million following its relegation to the second-tier contest in the 2017-18 season.
Critics have long been criticizing Coates’ hefty wages, arguing that the amount she is pocketing is more than any individual can spend in his/her lifetime. But, like most members of the super-rich club, she is prepared to face the taxman. Her family is the biggest taxpayer in the UK. In 2019, her family contributed more than £500 million ($691 million) in income and corporation tax.