Bet365: UK's best-paid boss strikes ₤ 323m prize

Bet365 manager Denise Coates has gotten a ₤ 323m payday, confirming her position as the UK's finest paid executive.

The co-founder of the online gaming firm was paid a ₤ 277m salary plus dividends as the popularity of online betting continues to grow.

The firm's accounts, external show that in the year to end-March her income increased from ₤ 220m on the previous duration.

But the rise comes as the market faced mounting criticism, including over children betting.

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The privately held business is owned collectively by Ms Coates and members of her direct household, including her bro John, who is joint chief executive, and her daddy Peter, the company's chairman.

Ms Coates earned a top-notch degree in econometrics - the application of statistical methods to economic information - from Sheffield University before signing up with the High Street wagering company, run by her daddy.

She determined the capacity of online gaming in 2000 and purchased the domain Bet365.com so that she might drive the family business in that direction.

Bet365 earned a profit before tax of ₤ 791m in the year, compared to ₤ 661m the year before.

the yohaig code firm paid dividends of ₤ 92.5 m, half of which are thought to have gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of firms owns Stoke City Football Club, that made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which keeps an eye on income, stated the timing of the release of the Bet365 results looked "cynical", given it was simply after a basic election.

High Pay Centre executive director Luke Hildyard said: "This looks like negative timing, sneaked out directly after a basic election project where excess wealth, taxes on the abundant and the huge space between those at the leading and everyone else have actually been crucial issues."

He included: "Business success ought to be incentivised and rewarded, however a payment a portion of this promotion code size would still manage a lifestyle beyond the wildest dreams of the majority of people."

Mr Hildyard stated there was "plainly scope" for those collecting such amounts to pay their workers more or contribute more in taxes.

Child betting

In October, Cardiff University research study suggested that two-fifths of 11 to 16-year-olds had actually gambled in the past year.

The study said this was "particularly concerning, considered that across the UK, the majority of types of industrial gambling are just legal for those aged 18 and over".

Fruit makers were the most popular form of gaming, followed by playing cards for cash with buddies and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement said at the time: "The evidence shows that people who bet previously in life are more likely to become issue gamblers in the adult years."

However, a Betting Commission study in October, external recommended that 11% of kids had bet within a week of the survey being conducted.

But in addition, the regulator cautioned in July, external of research study that indicated links between "issue gambling and suicidal ideas or efforts".

Bet365 states it has "a steady commitment to deliver industry-leading techniques to gamer protection", including monitoring client gambling, and says it will "end the [customer] relationship if it feels the danger of harm is too expensive".

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15 October 2019