Bet365 chief’s £220m pay packet is not fair or appropriate, says think tank

Bet365 boss Denise Coates took home more than £220 million last year despite the gambling empire tumbling to a hefty loss.

It means her pay package, which does not include dividends, was about £7 million up against the previous year, according to new filings from the firm.

Ms Coates, whose father Peter co-founded the business, is one of the best-paid employees in the world as a result.

The chief executive officer, who is regularly recorded as the UK’s best paid boss, earns about £1 million every day before tax.

As a significant owner of the business, Ms Coates also received millions of pounds in dividends although her exact proportion of dividend payments is unclear.

The High Pay Centre think tank argued the bumper pay package is not fair or appropriate.

Luke Hildyard, executive director of the High Pay Centre, said: “People deserve to be rewarded for innovation and success but there’s a question of what’s sensible and proportionate.

“Nobody becomes a multi-billionaire in isolation from wider society.

“In this case, the wealth depends on money coming out of gamblers’ pockets, the efforts of thousands of staff, plus wider factors like people having some disposable income, a secure and reliable internet network or all the infrastructure that goes into staging sports events.”

Ms Coates, whose father and brother are the joint chairmen of Stoke City Football Club, has helped expand the Stoke-based family bookmakers into a multi-billion pound enterprise over the last two decades.

The latest accounts showed that the company saw revenue from its core sports and gaming business grow by 19% to £3.39 billion for the year to March.

It said it was boosted by the 2022 Fifa World Cup in Qatar as well as expanding into newly regulated markets.

The sports and gaming division was, however, loss-making for the year after a jump in costs and increased investments.

Stoke City Football Club, which was also covered within the accounts, recorded a turnover of £21.4 million for the year and posted a £12.4 million loss.

As a result, the whole group fell to a £72.6 million loss, dropping from £49.8 million profit a year earlier.