Bet365 boss Denise Coates' pay rises to 'eye-watering' £265m

Bumper deal comes after strong year for company but the salary is many times the amount set aside by the whole industry to treat problem gambling

The UK’s highest paid company chief executive received a base salary of £220m plus a £45m dividend
The UK’s highest paid company chief executive received a base salary of £220m plus a £45m dividend

Denise Coates, the billionaire boss of Bet365 was paid £265m last year, up from £220m the year before.

The UK’s highest paid company chief executive received a base salary of £220m plus a £45m dividend, accounts filed on Wednesday show.

Ms Coates, who started Bet365 aafter taking over her father Sir Peter Coates' bookmakers, owns more than half of the company’s shares. Together the family control 93 per cent of the company which is not listed on the stock market.

The bumper pay packet comes after a strong year for the company with profits up 31 per cent to £660m and revenues up 25 per cent to £2.9bn.

However charities noted that the businesswoman's pay is many times the amount set aside by the whole industry to treat addiction and problem gambling.

Mike Dixon, the chief executive of the addiction charity Addaction, said: “It’s astonishing that a CEO of one gambling company is paid 26 times more than the entire industry’s contribution to treatment.

“We know problem gambling affects more than 2 million people. We need a proper levy on gambling industry profits so more people can get help and support.”

Liberal Democrat leader Vince Cable described the “eye-watering” pay packet as “irresponsible and excessive”.

“In any circumstance it is hard to justify, but more so given the money comes from people struggling with compulsive gambling,” Mr Cable said.

Ms Coates started in the family business as a cashier in a bookmakers and now also owns Stoke City Football Club which delivered less impressive performance last year: A £21m loss and relegation from the Premier League.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in