Blown Away By Bet365's Big Bucks: Denise Coates' Eye-Popping Pay Packet
Denise Coates generates a daily income of £1 million during the 2021-2022 fiscal year.
Denise Coates, the force behind the betting empire Bet365, once again makes headlines with an impressive remuneration package. The latest financial year saw her pocket a cool £263m, a slight dip from the staggering £471m she earned in 2020.
As a mainstay among the world's most highly-paid executives, Coates' astronomical compensation is a testament to Bet365's profitability and growth-focused culture. Being the boss of a privately-owned company adds to her financial might.
The pay package consisted of a salary of £213m and a dividend of £50m, contributing to a total £100m in dividends distributed. As the company's controlling shareholder, Coates is entitled to half of the dividend payouts. This equates to a daily salary of approximately £1m for the year.
Since 2016, Coates has earned a whopping £1.5bn, earning her a spot among the highest-earning executives worldwide, regardless of gender.
The Guardian's reporting on Coates' latest compensation sparked controversy. Luke Hildyard, Director of the High Pay Centre, raised some eyebrows, stating that the reward seemed excessive given the difficulties faced by ordinary British citizens, who are grappling with the spiraling cost of living - often referred to as a crisis.
Despite temporary setbacks, such as a near-90% drop in sports betting profit, Bet365 continues to make waves, striving to be a global powerhouse. Once the world's best-known sportsbook brand, it looks set to remain undisputed for years to come.
On a positive note, the company saw a surge in new customers during the 2021-22 financial year, adding 48% more new customers compared to the previous period. This growth was a key factor in the company's overall results, according to industry analysts.
Image credit: Unsplash.com
Data Snippets:
- Denise Coates' compensation in 2024: $118 million salary, $80 million in dividends.
- Coates' earnings compared to top tech CEOs.
- The average annual salary in the UK ranges from £30,000 to £40,000.
- Potential discussions regarding the sale of Bet365.
- The surge in new customers during the 2021-22 financial year, coupled with its focus on sports betting, has contributed to Bet365's growth, potentially positioning it as a significant player in the realm of sports betting and finance.
- Despite the controversy surrounding Denise Coates' wealth-management and business strategies, her success in the gambling industry has shown potential for expansion into wealth-management, possibly leading to new business ventures.
