Bet365 CEO Denise Coates Takes 45% Pay Cut Despite Record Profits
Denise Coates, the head of Bet365 and Britain's highest-paid woman, has implemented a 45% reduction to her salary and dividends, taking home £150 million last year. This decision comes in the wake of the online gambling company reporting a turnover increase from £3.4 billion to £3.7 billion and achieving a profit before tax of £626 million for the year ending March 2024, a significant turnaround from the £60 million loss the previous year.
Coates, who has received over £2 billion during her tenure leading the company, stated her current pay is considerably lower than the £466 million she collected in 2020. In her latest payout, £95 million was her salary, supplemented by a substantial dividend based on her majority shareholding.
In addition to her reduced salary, Bet365 contributed £120 million to the Denise Coates Foundation, a charitable organization controlled by her family. This donation marks a 20% increase from the £100 million given in the previous year. Although the foundation aims for long-term sustainability, analysis suggests these charitable contributions may offer substantial tax benefits to Coates's empire.
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