Bet365: UK's best-paid employer strikes ₤ 323m jackpot

Bet365 boss Denise Coates has gotten a ₤ 323m payday, confirming her position as the UK's best paid executive.

The co-founder of the online betting firm was paid a ₤ 277m wage plus dividends as the popularity of online gambling continues to grow.

The company's accounts, external program that in the year to end-March her income increased from ₤ 220m on the previous duration.

But the increase comes as the industry dealt with installing criticism, consisting of over kids gambling.

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The independently held company is owned collectively by Ms Coates and members of her direct household, including her sibling John, who is joint president, and her dad Peter, the company's chairman.

Ms Coates made a superior degree in econometrics - the application of statistical methods to financial data - from Sheffield University before signing up with the High Street betting company, run by her dad.

She recognized the capacity of online gaming in 2000 and purchased the domain Bet365.com so that she might drive the household company in that direction.

Bet365 made a revenue before tax of ₤ 791m in the year, compared with ₤ 661m the year before.

The firm paid dividends of ₤ 92.5 m, half of which are believed to have gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of firms owns Stoke City Football Club, which made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which keeps track of income, stated the timing of the release of the Bet365 results looked "negative", given it was simply after a basic election.

High Pay Centre executive director Luke Hildyard stated: "this promotion code looks like negative timing, slipped out directly after a basic election campaign where excess wealth, taxes on the abundant and the large space between those on top and everyone else have actually been essential problems."

He added: "Business success should be incentivised and rewarded, but a payment a fraction of this promotion code size would still afford a way of life beyond the wildest dreams of many people."

Mr Hildyard said there was "plainly scope" for those building up such amounts to pay their employees more or contribute more in taxes.

Child betting

In October, Cardiff University research suggested that two-fifths of 11 to 16-year-olds had actually gambled in the previous year.

The research study said this promotion code was "especially worrying, offered that across the UK, the majority of types of business gaming are only legal for those aged 18 and over".

Fruit devices were the most popular type of gambling, followed by playing cards for money with friends and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement said at the time: "The evidence shows that people who gamble previously in life are more likely to become problem bettors in their adult years."

However, a Gambling Commission research study in October, external recommended that 11% of children had gambled within a week of the study being conducted.

But in addition, the regulator warned in July, external of research that suggested links between "issue gaming and suicidal ideas or efforts".

Bet365 says it has "a steady dedication to deliver industry-leading techniques to player protection", including tracking consumer betting, and says it will "end the [client] relationship if it feels the threat of harm is too high".

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15 October 2019