The founder of Bet365, Denise Coates, has received an additional windfall of £260 million, bringing her total payouts over the last 15 years to £2.7 billion.
This latest payout solidifies her position as one of the highest-paid executives in the UK and the highest-paid woman, according to newly released accounts for the family-owned gambling empire.
In the past year, Coates received a salary of £104 million, up from £94.7 million in the previous year, and Bet365 Group tripled cash dividends to family shareholders to £313.6 million.
Even though this windfall of around £260 million is slightly lower than her record payout of £469 million in 2021, it still surpasses the earnings of other top executives in the UK.
The Coates family, ranked as the 16th richest in Britain, is expected to see a significant increase in wealth from this latest payout.
Denise Coates, known for her low profile, founded Bet365 in 2000 in a small cabin in Stoke-on-Trent alongside her husband, Richard Smith.
The couple later commissioned a cutting-edge mansion in Cheshire designed by Lord Norman Foster’s architectural firm, featuring various amenities spread over 52 acres.
Coates has invested in privacy and accessibility of online gambling, leading to the success of Bet365, a sentiment she shared in a rare interview.
In addition to their financial success, the Coates family is also known for their significant tax contributions, with the group’s total tax payment to the UK Exchequer reaching £481.5 million in the latest financial year.
Furthermore, the Denise Coates Foundation, which received £130 million in donations last year, made substantial charitable contributions to various institutions, including The University Hospitals of North Midlands Charity.
Stoke City football club, previously owned by the Coates family through Bet365, is now under the management of Denise Coates’ brother, John.
Although Bet365’s revenue increased by 9% to over £4 billion, its profit before tax nearly halved to £348.7 million in the period ending March.
The impact of increased online gambling taxes, announced in the recent Budget, is not reflected in the accounts, indicating potential future financial challenges for the company.
Despite the tax changes, Bet365 remains committed to providing a safe gambling environment and continues to invest in promoting responsible gambling practices.