Bet365: UK's best-paid boss hits ₤ 323m prize

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

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

The firm's accounts, external show that in the year to end-March her wage increased from ₤ 220m on the previous period.

But the rise comes as the industry dealt with mounting criticism, consisting of over children betting.

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The privately held business is owned collectively by Ms Coates and members of her direct family, including her sibling John, who is joint chief executive, and her dad Peter, the firm's chairman.

Ms Coates made a first-rate degree in econometrics - the application of statistical approaches to economic information - from Sheffield University before signing up with the High Street betting firm, run by her father.

She recognized the capacity of online gaming in 2000 and invested in the yohaig code domain Bet365.com so that she might drive the household business in that direction.

Bet365 earned a profit before tax of ₤ 791m in the year, compared to ₤ 661m the year before.

The company 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, that made a loss of ₤ 8.7 m in the yohaig code year.

The High Pay Centre, a think tank which monitors earnings, stated the timing of the release of the Bet365 results looked "negative", given it was just after a basic election.

High Pay Centre executive director Luke Hildyard stated: "this promotion code appears like cynical timing, sneaked out straight after a general election campaign where excess wealth, taxes on the abundant and the large space in between those at the leading and everyone else have actually been key concerns."

He added: "Business success ought to 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 a lot of individuals."

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

Child gaming

In October, Cardiff University research recommended that two-fifths of 11 to 16-year-olds had bet in the past year.

The study said this promotion code was "especially concerning, considered that throughout the UK, most forms of business betting are just legal for those aged 18 and over".

Fruit devices were the most popular form of gaming, followed by playing cards for money with good 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 bet earlier in life are more most likely to become issue bettors in their adult years."

However, a Gaming Commission research study in October, external recommended that 11% of children had bet within a week of the study being performed.

But in addition, the regulator alerted in July, external of research that suggested links between "problem gaming and self-destructive thoughts or efforts".

Bet365 states it has "a steadfast dedication to provide industry-leading approaches to player security", consisting of tracking consumer gambling, and states it will "terminate the [client] relationship if it feels the risk of damage is too expensive".

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15 October 2019