Denise Coates Gets Reduced Paycheck as Bet365 Recovers from Losses

Denise Coates, the United Kingdom’s highest-paid woman, is still earning millions in spite of a significant paycheck reduction. This comes as her main business, the betting operator bet365, continues to excel.

Bet365 Reduced Its Executive Pay Significantly

The bet365 owner earned roughly £150 million ($187.8 million) for the year ended March 31 despite the 45% paycheck cut. While this is significantly lower than the hundreds of millions she earned in prior years, it still cements her as one of Britain’s richest people. For context, Coates paid herself approximately £270 million in the previous fiscal year. In 2020, on the other hand, she collected a staggering £466 million.

According to reports, she paid herself a £95.7 million ($120 million) and is also entitled to at least half of the £110 million ($137.8 million) dividend paid by the company, thanks to her shareholding. This, as mentioned, brings her total paycheck for the year to roughly £150 million.

She has so far earned over £2 billion from bet365 – a business she saw transformed from a local chain to a global gambling juggernaut.

The Coates family took the 20^th spot on the Sunday Times Rich List last year, posting a combined net worth of some £7.5 billion.

The Cuts Offset Losses

In the prior fiscal year, bet365 encountered a few roadblocks, prompting the recent cuts in executive pay. To put things into perspective, the total money paid to the leadership was reduced from £304 million in the prior year to £124 million ($154 million).

The year ended March 31, 2024, for context, saw the company accumulate losses of £60 million before tax. Following the cuts, the company turned up £626.6 million ($784 million) in profit before tax for the year ended March 31, 2024. This means that the cut in executive pay contributed approximately a quarter of the difference.

In the meantime, bet365 reported other key metrics for the year ended March 31, 2024. The company’s total turnover for the period stood at £3.72 billion ($4.7 million), up 9% year-on-year. An overwhelming majority of this sum was comprised of bet365’s betting business, while its soccer business recorded a turnover of £23.8 million ($29.8 million).

The company’s operating profit for the period stood at £365.7 million ($457.8 million), up from an operating loss of £37.3 million in the prior year.

Bet365 Continues to Excel on a Global Scale

In other news, bet365 recently received a license to operate in Illinois, further expanding its global footprint. The company, which started as a British chain of betting shops, is now a global giant with a presence in multiple markets.

Thanks to the latest approval from the Illinois Gaming Board, bet365 and its local partner, Walker’s Bluff, will be able to work on launching the operator’s renowned products in the state.

Earlier in December, bet365 published its Year in Sports Betting report, highlighting 2024 as a landmark year for the sports betting sector. In addition to excelling within the wagering sector, the company also expanded its iGaming presence, launching its platform in Peru, the fourth-largest country in Latin America.