Denise Coates, known as the gambling queen, has recently received a windfall of £260 million, bringing her total payouts to £2.7 billion over the past 15 years. As the head of Bet365, she solidified her position as one of the highest-paid executives in Britain and the best-paid woman with this latest boardroom bonus.
According to the newly released accounts of her family’s gambling business, Coates received a salary of £104 million, up from £94.7 million in the previous year. Bet365 Group also increased cash dividends to family shareholders to £313.6 million, with Coates set to receive a significant portion due to her majority stake in the company.
Although the £260 million windfall is slightly lower than her record payout of £469 million in 2021, it still surpasses the earnings of other top executives in the UK. Coates and her family, listed as Britain’s 16th wealthiest individuals on the Sunday Times Rich List with an estimated wealth of £9.44 billion, are set to benefit further from this payout.
Coates, who prefers to stay out of the limelight, founded Bet365 in a temporary office in a Stoke-on-Trent car park in 2000. Alongside her husband Richard Smith, they transitioned from living in a farmhouse near Stoke to a futuristic steel and glass mansion in rural Cheshire, valued at £90 million and set on 52 acres of land.
The Coates family is also known for their significant tax contributions to the UK Exchequer, totaling £481.5 million in the latest fiscal year. Additionally, substantial charitable donations amounting to £130 million were made to the Denise Coates Foundation, which supported various institutions and causes, including vital equipment for hospitals.
Stoke City football club, formerly owned by the Coates family through Bet365, is now under the ownership of Ms. Coates’ brother. Bet365 reported a revenue increase of 9% to over £4 billion in the last fiscal year, although pre-tax profits nearly halved to £348.7 million.
Despite these financial successes, the company faces challenges following a recent increase in online gambling taxes announced by Chancellor Rachel Reeves in the latest Budget. Bet365 emphasizes its commitment to providing a safe gambling environment and ongoing investments in promoting responsible gaming practices.
The Denise Coates Foundation, a charitable entity associated with the Coates family, distributed over £16.7 million in grants to various institutions last year. The foundation’s donations included support for essential medical equipment and facilities, benefiting organizations like The University Hospitals of North Midlands Charity.
In conclusion, while Denise Coates continues to amass substantial wealth through Bet365, her philanthropic efforts through the Denise Coates Foundation are making a significant impact on various charitable causes and institutions.