Bet365 boss has hit the jackpot with a £265million yearly salary
In November, it came to light that the boss of Bet365; Denise Coates has successfully given herself a pay-rise, now, an increase in wages is great for anyone, but when you hear it’s increased to £265 MILLION a year, it was bound to cause waves of criticism.
Obscene Pay Rise for Bet365 Boss
It’s safe to say that Bet365 has come a long way since it was founded in a portacabin in Stoke-on-Trent in the year 2000, but her salary is not exactly what people wanted to hear in these times of austerity – plus, with (online) gambling addiction on the rise, she has been accused of “cashing in on other people’s misery!”
Ms Coates is certainly keeping it in the family, with her brother John who is joint chief executive and her father Peter, who is the chairman. Not to mention her husband Richard, who is also the gambling company’s property director! In total last year, the family dividends amassed to £217m. By March, this had increased to £220 – and now, it’s rocketing.
Bet365 has millions of customers worldwide and is the largest private sector company in Stoke. Profits by March this year were up 31%.
Luke Hildyard, the spokesman for the High Pay Centre said;
“Betting companies are not exactly a force for good in the world. There is an increasing perception that big business only serves the interests of an elite few – a billionaire taking hundreds of millions more from a company that profits, in part, from other people’s addictions does nothing to dispel that perception.”
He continued; “Obviously, people who build successful companies need to be rewarded for their hard work, but how much is too much? Denise Coates is already a billionaire. Surely this payment could be shared more evenly across the company’s workers or with the wider community. People are sick and tired of a business culture that enriches those at the top while doing very little for low and middle income earners – a billionaire taking hundreds of millions more from a company that profits, in part, from other people’s addictions does nothing to dispel that perception.”
Let’s put Denise Coates’ annual salary into perspective. Her salary is;
- 1,700x more than the prime minister
- Three times more than the total wages of Stoke City’s (which is owned by her firm).
Bet365 reported an annual rise in pre-tax profits, to £660.6m – with punters wagering more than £52.6bn!
Ms Coates said: “I am pleased to report that the group continued to experience significant growth during the period.” She insisted that her company was “committed to improving its methods of identifying harmful play” and was seeking new ways to “promote safer gambling across its entire customer base”.