Bet365 founder Denise Coates takes £170 million pay cut as Covid stalls growth

Denise Coates, the founder and joint chief executive of bet365, has taken a £170 million pay cut as Covid-19 brought growth at the gambling giant to a halt.

Coates, who topped the British taxpayer list for the third year in a row in 2020-21 according to the Sunday Times, was paid just short of £250m in the year to March 28, 2021 according to the company's latest set of accounts, down from £421m the previous year. She also received a share of the £97.5m of dividends paid to bet365's directors.

Bet365, which launched in March 2001, are privately owned by Coates, her brother and fellow joint chief executive John, and father Peter, but news of her pay is an annual cause of controversy.

The family paid an estimated £481.7m in tax in 2020-21 according to the Sunday Times, more than £180m more than the next highest tax payer, the hedge fund manager Chris Rokos.

Bet365: owned by the Coates familyCredit: John Grossick (racingpost.com/photos)

In her review of the business, Coates said the Covid-19 pandemic had had a "significant impact" on the company, with the suspension of sport resulting in "dramatically reduced revenues". However, business increased to pre-pandemic levels following the resumption of sport and, with a "significant migration" of customers to gaming from sports betting during lockdowns, overall revenues remained "broadly flat" at £2.8 billion.

"I am delighted with how the group responded and adapted to these challenging circumstances," Coates said.

Operating profit for the sports betting and gaming segment of the group stood at £341.m and, after losses at Stoke City football club were included, overall group operating profit rose by 47 per cent to £285.5 million, which the company said was "largely attributed to a reduction in remuneration". Staff costs for the sports and gaming division fell to £701.3m from £870.6m.

Active customers increased by 13 per cent but the amounts wagered on sport fell by 13 per cent. In-play betting represented 68 per cent of sports revenue, down from 75 per cent, and while mobile sports revenue fell by two per cent it remained "the most popular medium for sports betting".

Bet365 founder Denise Coates tops UK taxpayer list with £482m paid to exchequer

Coates also said that the "paramount commitment of the group to safer gambling continued through the period" and that bet365 "continued to invest significantly in this area".

The company said that contributions to research, education and treatment of gambling-related harm were increased in line with a commitment to increase contributions to one per cent of UK gross gaming revenue by 2024.

The company also donated more than £1m to NHS Charities Together through the Virtual Grand National.

At the end of the period bet365 had 5,443 staff, up from 5,014 the previous year.

A contribution of £100m was also made to the Denise Coates Foundation charity, up from £85m the previous year.

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