Bet365 Boss Earns ₤ 469m in A Single Year
Bet365 boss earns ₤ 469m in a single year
1 April 2021
The manager of the betting firm Bet365 has been awarded among the greatest pay packages in UK business history.
The highest paid director of Bet365 Group - thought to be creator and majority investor Denise Coates CBE - earned an income of ₤ 421m in the year ending 29 March.
She also made ₤ 48m in dividends, taking her total pay to ₤ 469m.
The business said the plans were "suitable and reasonable", despite sales falling at the firm last year.
But project group the High Pay Centre stated it was "appallingly inefficient for single individuals to hoard wealth in this way".
Ms Coates, who founded the Bet365 website 20 years earlier in Stoke-on-Trent, has been the UK's highest paid employer for numerous years.
She is also among Britain's wealthiest women and a major philanthropist, contributing millions through the Denise Coates Foundation.
Her wage in the year to March was more than 50% greater than the ₤ 277m received in 2019 and suggested she earned nearly ₤ 1.2 m every day last year.
That was more than in charges of every FTSE 100 business combined, according to the High Pay Centre.
It came as sales at Bet365 fell 8% to ₤ 2.8 bn as worldwide sporting occasions were cancelled due to the pandemic. Profits dropped 74% to ₤ 194.7 m.
However, the company stated it had not cut staff pay or laid off workers as a result of the crisis. It also did not utilize the furlough plan.
The business likewise paid ₤ 85m to Ms Coates's charitable foundation.
Ms Coates and her sibling John took over the gambling business 20 years earlier, which was run by their daddy. Ms Coates now owns about half of the company.
She has actually previously been referred to as one of the UK's "most effective women".
Bet365 boss earns ₤ 469m in a single year
1 April 2021
The manager of the betting firm Bet365 has been awarded among the greatest pay packages in UK business history.
The highest paid director of Bet365 Group - thought to be creator and majority investor Denise Coates CBE - earned an income of ₤ 421m in the year ending 29 March.
She also made ₤ 48m in dividends, taking her total pay to ₤ 469m.
The business said the plans were "suitable and reasonable", despite sales falling at the firm last year.
But project group the High Pay Centre stated it was "appallingly inefficient for single individuals to hoard wealth in this way".
Ms Coates, who founded the Bet365 website 20 years earlier in Stoke-on-Trent, has been the UK's highest paid employer for numerous years.
She is also among Britain's wealthiest women and a major philanthropist, contributing millions through the Denise Coates Foundation.
Her wage in the year to March was more than 50% greater than the ₤ 277m received in 2019 and suggested she earned nearly ₤ 1.2 m every day last year.
That was more than in charges of every FTSE 100 business combined, according to the High Pay Centre.
It came as sales at Bet365 fell 8% to ₤ 2.8 bn as worldwide sporting occasions were cancelled due to the pandemic. Profits dropped 74% to ₤ 194.7 m.
However, the company stated it had not cut staff pay or laid off workers as a result of the crisis. It also did not utilize the furlough plan.
The business likewise paid ₤ 85m to Ms Coates's charitable foundation.
Ms Coates and her sibling John took over the gambling business 20 years earlier, which was run by their daddy. Ms Coates now owns about half of the company.
She has actually previously been referred to as one of the UK's "most effective women".