{"id":305942,"date":"2024-01-08T16:11:31","date_gmt":"2024-01-08T22:11:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=305942"},"modified":"2024-01-09T12:47:12","modified_gmt":"2024-01-09T18:47:12","slug":"bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/","title":{"rendered":"Bet365 Posts Loss Due to US Markets, CEO Coates Still Gets \u00a3270 Million"},"content":{"rendered":"

Big money spent on North American expansion saw Bet365<\/a> slip to a pre-tax loss of \u00a372.6 million (US$93 million), according to the company\u2019s latest filings.<\/p>\n

\"Denise
Denise Coates, above, is now Britain\u2019s richest woman, despite her company posting a pre-tax loss last year. (Image: Bet365)<\/figcaption><\/figure>\n

But it\u2019s not clear whether the company\u2019s publicity-shy CEO Denise Coates got the memo. She paid herself \u00a3270.7 million (US$345 million) in the year to March 2023, up from \u00a3213 million (<\/em>US$272 million) a year earlier. She is now the UK\u2019s richest woman, according to Yahoo Finance.\u00a0<\/em><\/p>\n

On second thought, it looks like she did get the memo. Coates\u2019 pay packet might be among the biggest paid to any executive anywhere this year, but it\u2019s relatively restrained for Coates. In 2020, she received \u00a3421 million<\/a> (US$537 million) in salary, plus an extra \u00a348 million (US$61 million) in dividends as the company\u2019s controlling shareholder. That was higher than all the FTSE 100 Index CEOs combined.<\/p>\n

Based on an average working week (in the UK) of 38 hours, Coates earned around \u00a3237,348 (US$303k) per hour that year. That\u2019s \u00a33,955 per minute.<\/strong><\/p>\n

Not bad for a woman who started her company from a portable building in a parking lot in Stoke-on-Trent, an unglamorous city in England\u2019s industrial Midlands.<\/p>\n

\u2018Not Proportionate\u2019<\/strong><\/h2>\n

This year, Coates\u2019 truncated salary is merely 10 times the amount of that of any FTSE 100 boss. It also beats the $253 million earned by Blackstone\u2019s Stephen Schwarzman, the top-paid boss on Wall Street.<\/p>\n

\n

Most business owners accrue wealth through dividends or share payouts. But because Bet365 is a private company that\u2019s almost wholly owned by her family, much of Coates\u2019 wealth comes from her salary.<\/p>\n<\/div>\n

That also makes her a monster taxpayer. She may even be the largest individual taxpayer in Britain<\/a>, contributing \u00a3460 million last year. But this has failed to pacify campaign groups like High Pay Centre, which described Coates\u2019 remuneration package as “neither fair nor proportionate”.<\/p>\n

Ultimately, Britain’s prosperity depends on how the wealth our economy generates is shared,”<\/strong> said Luke Hildyard, executive director of the group, a think tank that focuses on reducing economic equality.<\/p><\/blockquote>\n

“Pouring hundreds of millions of pounds more on top of billionaire fortunes every year isn’t a good way to maximize living standards, and it over-values the contribution that the super-rich have made,” Hildyard added.<\/p>\n

World Cup Boost<\/strong><\/h2>\n

Despite a hit to profits, Bet365 reported a 19% increase in revenue from last year, up to \u00a33.39 billion (US$4.32 billion), fueled by betting on the 2023 World Cup in Qatar. Sports betting still generated the lion\u2019s share at \u00a32.65 billion (US$ 3.38 billion). Online casino gaming also grew 31% to \u00a3715 million ($912 million).<\/p>\n

\n

As ever, Bet365 declined to break revenue down by region, largely because it is believed to generate significant revenues from China, a black market. The company launched in several regulated markets in the U.S. during the 2022-2023 financial year, including Colorado, Ohio, Virginia, Iowa, Kentucky, and Louisiana.<\/p>\n<\/div>\n

\u201cEntering into new markets requires high initial investment. However, the directors remain confident that these markets will deliver a significant contribution to the group in future periods,\u201d the company said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Big money spent on North American expansion saw Bet365 slip to a pre-tax loss of \u00a372.6 million (US$93 million), according to the company\u2019s latest filings. But it\u2019s not clear whether the company\u2019s publicity-shy CEO Denise Coates got the memo. She paid herself \u00a3270.7 million (US$345 million) in the year to March 2023, up from \u00a3213 […]<\/p>\n","protected":false},"author":36,"featured_media":305944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,19,1074],"tags":[82599,89402],"acf":[],"yoast_head":"\nBet365 Posts Loss Due to US Markets, CEO Coates Gets \u00a3270M<\/title>\n<meta name=\"description\" content=\"Bet365 CEO Denise Coates pays herself a whopping \u00a3270.7 million, despite her company posting a loss during the period.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bet365 Posts Loss Due to US Markets, CEO Coates Gets \u00a3270M\" \/>\n<meta property=\"og:description\" content=\"Bet365 CEO Denise Coates pays herself a whopping \u00a3270.7 million, despite her company posting a loss during the period.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-08T22:11:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-09T18:47:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/denise.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/\",\"url\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/\",\"name\":\"Bet365 Posts Loss Due to US Markets, CEO Coates Gets \u00a3270M\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/denise.jpg\",\"datePublished\":\"2024-01-08T22:11:31+00:00\",\"dateModified\":\"2024-01-09T18:47:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Bet365 CEO Denise Coates pays herself a whopping \u00a3270.7 million, despite her company posting a loss during the period.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/bet365-posts-loss-due-to-us-markets-ceo-coates-gets-270m\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/denise.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/denise.jpg\",\"width\":1000,\"height\":625,\"caption\":\"Denise Coates, above, is now Britain\u2019s richest woman, despite her company posting a pre-tax loss last year. 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