Amid tightening gaming regulation in the United Kingdom, it looks like one founder and executive from the iGaming world has no trouble with what is going on. A newly surfaced report has confirmed that bet365 founder, Denise Cotes, paid herself the eye-popping £265 million in salaries in 2017.
A Third of bet365’s Revenue Go to Owner
Denis Coates, the owner and founder of bet365 paid herself £265 million in 2017, a newly surfaced report cited by major media outlet in the United Kingdom has confirmed. This constitutes one of the largest salaries an exec from the gaming world has ever paid themselves, not to mention that it’s more than a third of what bet365 generated in revenue in its financial year ended in 2017.
In simple worlds, Coates is raking in as much as £726,000 a day. This is hardly the first time Coates is making headlines by virtue of how large her pay check is, too. The last report indicated that she was paying herself as much as £217 million a year.
Bet365 chief Denise Coates paid herself £217m last year https://t.co/kSL9048Cas
— The Guardian (@guardian) November 12, 2017
To put things in perspective, Coates makes 10,000 more than an average person in the United Kingdom and outstrips government officials, such as the Prime Minister by nearly 2,000 times. Condemnation was not far on the tail of Coates after the news had surfaced.
Liberal Democrats leader Vince Cable called the payment policy both irresponsible and excessive, and he noted that there were moral dimensions to this as well, reminding about the struggles of people who are suffering from addictive gaming behavior.
In any circumstance it is hard to justify, but more so given the money comes from people struggling with compulsive gambling. – Vince Cable
Cable used the occasion to call for tighter regulation in the sector, with the latest case being a clear indication that there is indeed an excess and incongruity between talks about regulating the industry and helping people affected by it and allowing executives to continue as they are used to.
Coates is effectively the best-paid executive, excluding dividends, in the United Kingdom, the BBC has reported. With the sentiments see-sawing rapidly, Cable said that the government will have to step into the world of gaming advertisement and act accordingly.
This is an industry body needing tighter regulation. We have started high-stake gaming machines. We now need to move into online gambling, and curbing the advertising around it. -Vince Cable
The reprimand against Coates has a clearly moral coloring. Those protesting against the pay package, or in the very least, looking down on it, do so because the business that Coates runs is not “life enhancing,” as Cable put it on occasion.
Looking closer into the finances of the Coates, they are the 21st wealthiest people in the United Kingdom, outpacing successful entrepreneurs, such as Sir Richard Branson.
Presently, bet365 enjoys an unprecedented growth. Wagers have grown by £5.5 billion compared to a year before, and the company’s results are clearly soaring. Some have reminded of bet365’s recent bickering with a teenager who had someone else confirm a wager from her at home. The wager led to a million of pounds won. The company is now disputing the wager.
Meanwhile, are there any moral obligations Coates is not honoring or is it just business?