BRITAIN: Denise Coates, Britain's wealthiest woman and the driving force behind the Bet365 betting empire, has taken a significant pay cut. Despite a 41% reduction in her earnings, she still pocketed an eye-watering £158 million in salary and dividends in 2024. This massive payday continues to outpace the earnings of high-profile CEOs, including Apple’s Tim Cook.
Coates, who co-founded Bet365 and holds a 58% stake in the company, received £94.7 million in salary and £64 million in dividends last year. While her earnings dropped from £270 million in 2023, the payout still far exceeds what many top CEOs take home. In comparison, Tim Cook earned $63.2 million (£50.4 million) in 2023—less than a third of Coates’s total compensation.
The significant pay cut came after Bet365 reported a sharp rise in profits, with revenues increasing to £3.7 billion and a pre-tax profit of £596 million. Bet365 also owns Championship football club Stoke City, contributing to the company’s strong performance.
Despite the reduction in pay, Coates’s earnings remain a point of comparison with executives at major global companies. For instance, Jensen Huang, CEO of Nvidia, earned a comparatively modest $34.2 million (£27.3 million) in 2024. Both Huang and Cook hold shares in their companies, but Coates’s wealth is more directly tied to her private, family-owned business.
The Coates family’s fortune is estimated at nearly £8 billion, according to the Sunday Times Rich List. Coates’s path to success began in 2000, when she took a significant risk by mortgaging her father’s betting shops to create Bet365 with her brother, John Coates. This bold move has paid off over the years, and her income has been consistently high, including record-breaking paydays of £466 million in 2020 and £300 million in 2021.
While Coates’s wealth continues to grow, her substantial earnings have sparked criticism. The gambling industry, and Bet365 in particular, have come under scrutiny. In addition, the Labour government is introducing new regulations aimed at addressing the negative social impact of gambling addiction, including limits on online slot machine spins. Coates’s lucrative paydays have also drawn the attention of campaign groups, particularly during the ongoing cost-of-living crisis.
The High Pay Centre, a think tank, has expressed disapproval of Coates’s earnings, especially in light of the social consequences of gambling. They argue that extreme payouts like hers contribute to inequality and social division, pointing out that her wealth is derived from gamblers’ money, the work of thousands of staff, and the infrastructure supporting sports events.
Despite the growing criticism, Coates’s wealth and pay remain a testament to her successful bet on Bet365 and its continued dominance in the online gambling industry.