Ebene News – GB – Bet365 boss Denise Coates posts record £ 421million salary

Bet365 chief executive Denise Coates has paid out at least £ 421million by March 2020, despite declining earnings in race- to pandemic

Company records show the gaming giant turned over the sum to its highest paid manager, believed to be Coates, believed to be the UK’s largest annual payroll package

The figure does not include dividend payments on his approximately 50% stake in the company

Exceptional salary exceeds the £ 323million flat rate paid by Coates in 2018 and brings his total compensation to over £ 1 billion in the past four years

It happened when the Stoke-on-Trent-based company reported a 7% drop in revenue from its core sports and gaming business to £ 2.8 billion

Profit before tax fell 83% to £ 137million partly due to a write-down on investments, as well as increased compensation

In documents seen by City AM, Bet365 said the numbers were affected by the cancellation of sports fixtures in March and the lack of a major football tournament during the period

Bet365-owned football club Stoke City has seen revenue drop by a third to £ 2m, largely due to relegation from the Premier League

While the cancellation of sporting events had an impact on bookmakers, they benefited from a surge in online gambling during the pandemic

Major betting companies cut ads last year amid fears the Covid lockdown could cause problem gambling to increase sharply

Bet365 said they did not cut staff salaries or lay off employees due to the crisis nor did they use government financial support or the leave program

It precedes a major review of the sector which is expected to result in the biggest overhaul of UK gambling laws in the past 15 years

Industry body the Betting and Gaming Council this week urged ministers not to put the sector at risk, highlighting its £ 7bn contribution to the UK economy in 2019

Coates’ huge salary reaffirms her status as one of Britain’s highest paid directors.She is also a major philanthropist, donating millions through the Denise Coates Foundation

This figure also means that Coates probably pocketed the biggest annual payroll package ever in the UK Earlier this month, hedge fund mogul Sir Chris Hohn claimed the title after paying himself £ 343million last year

Denise Coates

Ebene News – GB – Bet365 boss Denise Coates posts £ 421million salary

Source: https://www.cityam.com/bet365-boss-denise-coates-nets-record-421m-payday-despite-revenue-fall/