Bet365 Boss Denise Coates Nets £265 Million Payday

Bet365 CEO Denise Coates has reaffirmed her position as the top gaming CEO in the UK by receiving a £48 million annual pay rise.

Bet365 CEO Denise Coates

CEO Denise Coates has received a £48 million pay rise following another successful year for Bet365. (Image: stokesentinel.co.uk)

After making the headlines in 2017 thanks to her £217 million payout, the Bet365 founder has seen her salary top £265 million this year. Outlining its 2017/2018 accounts, Bet365 noted Coates’ salary increased from £199 million to £220 million, while dividend payments of £25 million added to her latest pay packet.

Revenue Boost for Bet365

As well as reporting on Coates’ earnings, the financial summary offered an insight into Bet365’s annual performance.

According to a Companies House filing, the privately owned entity saw sports and gaming turnover increase by 26 percent year-on-year to £2.718 billion. In line with this, Bet365 saw its operating profit improve by 33 percent from £514 million to £682 million.

As it has done in previous years, sports revenue formed the bulk of the company’s 2017/2018 earnings. Thanks to innovations such as Bet Builder and Early Payout, the online operator saw betting activity jump up 12 percent.

Breaking down the figures, mobile revenue increased by 12 percent while in-play betting made up 77 percent of all sports revenue.

Despite the positive results, at least one group believes that pay rise isn’t a good look for the UK business sector.

“There is an increasing perception that big business only serves the interests of an elite few – a billionaire taking hundreds of millions more from a company that profits, in part, from other people’s addictions does nothing to dispel that perception,” Luke Hildyard, spokesman for the High Pay Centre, told the BBC.

Coates Prepares for UK Gambling Reforms

Looking forward, Bet365 will be one of the few UK betting brands left unscathed by the government’s fixed odds betting terminal (FOBT) reform. After selling its chain of betting shops to Coral in 2005 for £40 million, Bet365 became an online-only operator.

With that being the case, it won’t be affected when FOBT betting limits are cut from £100 to £2 in April 2019. Despite escaping these changes, it will have to contend with the new 21 percent remote betting tax introduced by Chancellor Philip Hammond.

Anticipating these changes, Bet365 forged a partnership with Hard Rock Atlantic City Casino in July. Using this as a springboard, the British operator will be looking to build on its success at home by expanding its operations in the US.

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