Bet365: UK's best-paid manager hits ₤ 323m jackpot

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

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

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

But the increase comes as the market faced mounting criticism, consisting of over children betting.

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The independently held business is owned collectively by Ms Coates and members of her direct household, including her brother John, who is joint president, and her father Peter, the company's chairman.

Ms Coates earned a first-rate degree in econometrics - the application of analytical techniques to financial data - from Sheffield University before joining the High Street wagering firm, run by her daddy.

She determined the potential of online gaming in 2000 and invested in the domain name Bet365.com so that she could drive the family business because instructions.

Bet365 made a revenue before tax of ₤ 791m in the year, compared with ₤ 661m the year before.

The company paid dividends of ₤ 92.5 m, half of which are thought to have actually gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of firms owns Stoke City Football Club, which made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which monitors income, stated the timing of the release of the Bet365 results looked "cynical", given it was simply after a general election.

High Pay Centre executive director Luke Hildyard said: "this promotion code looks like cynical timing, sneaked out directly after a basic election campaign where excess wealth, taxes on the rich and the huge space between those at the top and everybody else have been essential problems."

He included: "Business success need to be incentivised and rewarded, however a payment a portion of this promotion code size would still manage a way of life beyond the wildest dreams of many individuals."

Mr Hildyard stated there was "plainly scope" for those building up such sums to pay their employees more or contribute more in taxes.

Child betting

In October, Cardiff University research study suggested that two-fifths of 11 to 16-year-olds had actually gambled in the past year.

The research study stated this promotion code was "particularly concerning, provided that across the UK, most types of commercial gambling are just legal for those aged 18 and over".

Fruit machines were the most popular form of gambling, followed by playing cards for money with pals 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 proof shows that individuals who bet earlier in life are more likely to end up being issue bettors in their adult years."

However, a Betting Commission study in October, external suggested that 11% of children had actually gambled within a week of the survey being performed.

But in addition, the regulator warned in July, external of research that showed links in between "issue gambling and self-destructive thoughts or attempts".

Bet365 states it has "a steadfast dedication to provide industry-leading techniques to gamer defense", including tracking consumer betting, and states it will "end the [customer] relationship if it feels the danger of damage is expensive".

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Child gambling a 'growing problem' - research study

15 October 2019