Bet365 CEO Denise Coates has seen her remuneration cut by a significant 45% but her salary and benefits still reached £150m ($187.8m) due to the excellent performance of the British gambling giant.
Its profits soared during the year with turnover up from $4.2b to £4.6b but that element was complemented by gains in the value of the company’s investments, while it sought to cut costs in other areas.
The outcome was a $784m pre-tax profit in the year up to March 2024, comparing very favorably to a pre-tax loss of $75.2m for the previous 12 months.
Bet365’s group accounts included the English Championship soccer club, Stoke City, for the first time.
During the year, the club was separated from Bet365 with separate control passed to John Coates. Stoke City lost $37.6m in trading last year, taking the overall Bet365 profit figure down to $746.9m from $784.5m.
Denise Coates’ charity may have saved Bet365 more in tax than it has given to good causes https://t.co/NaNRJOa3fR
— The Guardian (@guardian) October 4, 2024
UEFA Champions League partnership
Coates is the UK’s highest-paid woman, at the helm of the Bet365 empire, alongside her brother John, while her father, Peter, remains chairman of the gambling industry heavyweight.
The trio were listed in 20th position in the Sunday Times Rich List in the UK in 2024, with an estimated net worth of around $9.4 billion.
Bet365’s prominence increased further over the last year when the company was announced as the inaugural official betting partner of soccer’s UEFA Champions League.
The initial three-year deal will see its branding adorning stadiums during the games across Europe, including associated media rights, through to the end of the 2026/27 season.
Denise Coates’ $187.8m package is said to consist of a $119m salary, considerably topped up with a large portion of the $137m dividend the company paid out.
With a shareholding of 50%, the 57-year-old is entitled to around $68.5m from that pot.
The company pointed to much-reduced executive salaries as a factor in the turnaround of its figures. This is highlighted by the $338.4m that Denise Coates claimed in 2023, with that figure dwarfed by the record-breaking $584.2m she was awarded in 2020.
Image credit: Via Ideogram
