Bet365 boss Dennis Coates had his annual dividend from his family’s gambling empire cut by almost half to £150m last year, but the pay remains one of Britain’s richest executives. It solidifies her position.
Mr Coates is the company’s highest earner, but his salary for the year ending March 2024 was £95m, down from £221m the year before, according to reports filed with Companies House.
In addition, she is obligated to pay more than half of the dividends paid by the UK-based group, which equates to more than £55m of the £110m annual dividend. This was an increase from the £100m paid the previous year.
This means Mr Coates was paid around £150m, down from the £270m he received in salary and dividends last year.
According to Companies House filings, the latest reports suggest that Mr Coates has amassed £2.5 billion over the past 15 years in his role overseeing the rapid rise and success of the family gambling empire, which is still based in his hometown of Stokeon. This means that you have been paid more than that amount. -Trent.
Mr Coates, an economics graduate from the University of Sheffield, persuaded his father to mortgage his book chain as an initial investment for an online gaming group. The online gaming group started in 2001 in temporary offices in Stoke. The high street chain was sold in 2005, allowing it to continue operating. Because it focuses purely on the fast-growing market of online gambling.
Ms Coates chose to leave the business in Stoke and run it in the family, with more than half of the group still owned by her, with another significant stake held by her brother John, who is co-chief executive. Owned. Although they speak little to the press, they still oversee much of the company’s operations, development, legal affairs and finance, analysts and former staffers said.
The group is the largest employer in the Stoke area and one of the highest corporate tax payers of any private company, despite many rivals being based overseas.
Bet365 accounts show that £120m was donated to the Dennis Coates Foundation, a registered charity, last year, up from £100m the year before.
The group reported a pre-tax profit of £596.3m for the year, compared to a loss of £72.6m a year earlier, when the group was expanding in regions such as North America. In the year to March 2024, sales rose 9% to £3.7bn.
That same year, the company pursued licenses in new markets with “commercially viable regulations,” obtaining licenses in multiple U.S. states and “further expanding our footprint in both North and South America.” We have committed additional resources to this.”
The group, which is majority owner of Stoke City Football Club, made a pre-tax loss of £30.3m, higher than its 2023 loss of £12.4m. However, according to financial statements, this was split in July 2024 and control is now held by Dennis Coates’ brother, John Coates.
