{"id":4325,"date":"2013-04-29T17:29:44","date_gmt":"2013-04-29T17:29:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=4325"},"modified":"2013-04-29T16:30:21","modified_gmt":"2013-04-29T16:30:21","slug":"sports-betting-coates-family-makes-the-british-rich-list","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sports-betting-coates-family-makes-the-british-rich-list\/","title":{"rendered":"Sports Betting Coates Family Makes the British Rich List"},"content":{"rendered":"
As the family behind one of the world’s largest online sports betting sites, bet365, the Coates family are reportedly set to become Britain’s first gambling billionaires after amassing a fortune of \u00a3925 million (that’s something like a billion and 4 million more in change in dollars) and have been featured in the 2013 London\u00a0Sunday Times<\/em> Rich List alongside some of the real movers, shakers, high rollers and high-achievers of the world.<\/p>\n We’d be smiling, too.<\/p>\n According to the Sunday Times<\/em> Rich List, the U.K.’s top ten internet gambling sites are valued at more than \u00a3100 million each ($155,000,000) and bet365 is smashing the statistics as Peter Coates, his daughter Denise, and his son John, are worth an estimated \u00a3925 million just 13 years after founding the company.<\/p>\n 365 A Good Bet<\/strong><\/p>\n The betting site accounts for about \u00a3800\u00a0million \u00a0($1,240,000,00) \u00a0of their net worth, with the rest of the family fortune being made up of other assets, including Premier League football club Stoke City. This really is a business-savvy family with the ambition to exceed. Clearly.<\/p>\n As a key Labour donor, Peter Coates has donated \u00a3300,000 ($465,000) to the political party over the past decade, including \u00a310,000 ($15,500) to Ed Miliband in the last 12 months alone. However, his political affiliations haven’t always been a good thing, as Coates attracted controversy during the last Labour Government after donating substantial sums of money to the Labour Party at a time when gambling legislation was still under consideration.<\/p>\n More Gambling Site Success Stories<\/strong><\/p>\n Creeping up behind the Coates family are brothers Fred and Peter Done, founders of BetFred, who are now worth an estimated \u00a3850 million ($1,317,500,000) after opening their first betting shop in Manchester in 1967.<\/p>\n Third on the list of richest online gambling operators are Ruth Parasol and Russ DeLeon, best known for PartyPoker, who are now worth around \u00a3667 million ($1,033,850,000). The pair founded PartyGaming back in 1997, and have enjoyed continuing success over the years.<\/span><\/p>\n If we can read anything into the inclusion of the online operators in the Sunday Times<\/em> Rich List, which includes some of the most successful entrepreneurs in the world, it is that the house definitely wins.<\/span><\/p>\n In fact, so much money was lost last year by online gamblers that a number of operators have increased their profits exponentially, with the Coates family reporting an asset growth of \u00a3125 million ($193,750,000) compared to last year, and the Done brothers reporting an increase of \u00a3150 million ($232,500,000) from last year’s revenues. The Sunday Times<\/em> noted that betting exchanges, virtual poker tables, and online bingo have all proved lucrative over the last 12 months.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" As the family behind one of the world’s largest online sports betting sites, bet365, the Coates family are reportedly set to become Britain’s first gambling billionaires after amassing a fortune of \u00a3925 million (that’s something like a billion and 4 million more in change in dollars) and have been featured in the 2013 London\u00a0Sunday Times […]<\/p>\n","protected":false},"author":42,"featured_media":4328,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,20,16],"tags":[],"acf":[],"yoast_head":"\n