The Dones and the Coates Rank among UK’s Biggest Taxpayers

Gambling industry representatives have once again appeared at the top of The Sunday Times’ Tax List. The 2024 edition of the list shows that the owners of Betfred and bet365 occupy two of the five top spots.

Outclassing celebrities such as Harry Potter author J.K. Rowling (31st place) and singer Ed Sheeran (32nd place), Fred and Peter Done and the Coates family stood in fourth and third place respectively.

According to the list, the Done brothers paid £204.6 million ($259.4 million) in taxes to the UK government. The Coates, meanwhile, paid almost two times that, with their contributions standing at £375.9 million ($476.5 million). In total, the two gambling families contributed £580.5 million.

This is not the first time the Coates have appeared at the top of the list of Britain’s highest-paying taxpayers. Denise Coates, for example, was singlehandedly the highest taxpayer in 2019 when she paid £276 million in taxes to the government. She was also the highest taxpayer in 2021, despite a significant pay cut that year.

For reference, bet365 was the second biggest taxpayer in the UK last year and was only outclassed by the Moscow-born billionaire Alex Gerko.

Russian-Born Billionaire and F1’s Ex-Boss Took the Top Spots

The Coates family no longer holds the top spot, although the company continues to see its profits increase. Unfortunately, bet365’s success is offset by some significant operating losses that were attributed to higher spending.

Betfred, on the other hand, has not yet disclosed its FY 2023 financials, although its presence on the list suggests growth. This is further supported by its launch in new jurisdictions and the introduction of a new Mohegan Sun sportsbook in Las Vegas.

Despite the gambling families’ significant contributions, Bernie Ecclestone, the former chief executive officer of the Formula One Group, and Alex Gerko, the owner of the algorithmic trading company XTX Markets took the first two spots. Ecclestone, who was recently involved in legal trouble, had to pay £652.6 million ($827.3 million) in taxes. Gerko, on the other hand, paid £664.5 million ($842.4 million) in UK tax, which earned him the top spot on The Sunday Times’ list.