Coates Family Of Bet365 Listed As Highest Taxpayers In Sunday Times
The founders of the famous online gambling platform Bet35 have been listed as the UK’s topmost taxpayer in the annual listing of The Sunday Times.
The co-founding members of the Coates Family, Denise, John, and Peter Coates’s total net worth have attained 17th spot in the Sunday Times Rich List of the year 2021.
Reported last month, Denis Coates, the Chief Executive of Bet365, was paid almost half a billion as a salary and dividend last year.
Bet365 revealed that Denis is the highest-paid director and received £421m calculated as £48,000 every hour of the day throughout the year. The company accounts that the pay arrangements were “fair and appropriate.”
The company also paid £95m as a dividend and signaled a windfall of around £45m for Denis, who owns more than half of the entire empire that she built out of her father’s bookmaking empire.
It is also evidently crucial to know that the family’s position as the UK’s highest taxpayers, contributing more than £500m when the Bet365 corporation tax comes into consideration.
Denis Coates paid herself £323m in the year 2019 which includes salary and dividend on her stake of more than 50% of the firm which is based in Stoke-On-Trent. The Pay Packet then led her payment up to £817m over the last three years as a chief executive.
MP Ronnie Crown, an advocate for tougher gambling regulations, has admired Denise’s hard work and determination to succeed. She adds, “When the gambling is creating so much harm to the community, when it is the most deprived area that sees the most damage and when the industry seems in denial in regards to the damage it does, then salaries of this magnitude will always draw criticism. ”
Due to the cancellation of sporting events because of the Covid-19 surge and lack of major football tournaments, Bet365 reported an 8% fall in the total revenue of last year.
Profit by Operations fell up to 74% to £194m, lower from £758.3m in the year 2019. Even after the revenue reduction, Bet365 paid an amazing pay raise to four directors, among which one of them was not from the Coates Family. The overall pay of the ensemble moved from £373m to £529m.
Denis Coates becomes the best-paid woman in Britain. She founded the empire of Bet365 after realizing the overwhelming opportunities and powers the online gambling world brings to operators and customers.
She has managed to pioneer into highly popular in-play or live bets in football and various other loved sports. Denis took the company from a portable building in a Stock car park to a multi-billionaire global firm.
The company has donated up to £85m to the Denise Coates Foundation which supports causes like Douglas Macmillan Hospice and Alzheimer’s Research UK. Bet365 also claims that the company has made many advances in protecting vulnerable gamblers via its easy and efficient risk detection system.
Most recently, Bet365 rebranded its affiliated programs that were formerly named as Bet365 affiliates will now be called Bet365 partners.