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Bet365’s Denise Coates takes pay cut despite £600M profit
Denise Coates, the billionaire CEO of Bet365, has experienced a significant pay cut, with her salary dropping by nearly £130m.
According to newly filed accounts at Companies House, Coates earned £94.6m in the year ending 31 March 2024 which is less than the £220.6m she received the previous year. Even with the pay cut, Coates isn’t short on cash. She also received a share of Bet365’s £110 million dividend payout, which went up from £100 million the previous year.
Over the last five years, she had significant earnings. Moreover, once, her annual pay was £421 million. However, it is not only about her earnings. Bet365 was strongly recovered after the tax loss of f £72.5 million. Turnover also climbed, jumping from £3.41 billion to £3.71 billion.
A statement from the board said:
“The group has continued to invest in its trading platform capability and markets, increasing our global in-play and pre-match market offerings still further. The visual sports product has been improved, with enhancements to soccer and the addition of more sports, including American football and baseball. Our match live offering also continued to expand with the addition of basketball, further enhancing customers’ real-time sports information and in-play options and experience.”
Bet365 added:
“The changing worldwide gambling and leisure industries are likely to present opportunities for enhancing the group’s presence worldwide.”
While Coates’ pay cut might sound concerning the company’s return to profitability and continued growth show it’s not slowing down anytime soon. Even with this “slashed” salary, Denise Coates remains one of the highest-paid executives on the planet.
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