Ebene News – UK – bet365 boss Denise Coates earns record £ 421million per payday

Bet365 boss Denise Coates gave herself a huge pay rise to win at least £ 421million last year

This impressive figure also means Ms Coates probably pocketed the UK’s biggest annual payroll package

Accounts for the Etruria-based company show Ms Coates – a major philanthropist and Britain’s biggest taxpayer – received £ 421million and a share of £ 95million in dividends in the 12 months ending March 29 2020

Ms Coates’ fortune enabled her to donate millions to charity through the Denise Coates Foundation, including £ 10million to Royal Stoke University Hospital at the start of the pandemic

It came when bet365 reported a 7% drop in revenue from its core sports and gaming business to £ 2.8 billion

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

Mrs Coates, 53, risked it all by taking out a £ 15million loan to start the business from a portable booth in a parking lot in 2000 The family had run Provincial Racing betting shops but they were seeing the ‘future online

She would later tell The Sentinel in a rare interview: “I was convinced early on that the game would work well on the Internet It is private, accessible and allows you to present a wide range of betting opportunities to customers.

“In the early years of our business we still had betting shops, but for me, even though I had managed to make it a really strong regional chain, we were always going to be a lot smaller than the national channels

“The Internet gave us the opportunity to enter a new international market where we had the opportunity to be the best”

She added: “I first got the idea when I was working in an office above one of our betting shops in Tunstall in the late 1990s

“One of the first key decisions was to decide to develop our own software rather than license a product

“This meant we had to put together a software development team and it actually took shape in a portable building in a parking lot near one of our stores between Trentham and Longton

“Soon we started to move beyond that and that’s when we made our first visit to Festival Park in December 2000”

Ms Coates’ father, Peter, Co-President of Stoke City, was the son of a miner and went on to become an entrepreneur, also running a restaurant business and helping to found Signal Radio

And Ms Coates learned her trade in provincial racing, first working as a cashier and then studying econometrics at the University of Sheffield

She took out a £ 15million loan from RBS, collateralized against her betting chain store and the bet365 com website was launched in 2001

Four years later the new business was so successful that it sold this chain of stores to Coral for £ 40million

“In the early years the company was losing a lot of money and we were all concerned about having the resources to bring us to profitability,” she said.

“As part of this, we took a tour of the private equity and venture capital industry to try and attract outside investment

“At the time, the dot-com bubble burst and a loss-making internet company was not looking for the best investment!

“We had to mortgage betting houses and sell other family assets to lend the business money to make it profitable. As such, we kept the business entirely in our hands “

They remain a family business – Brother John is co-managing director – and are proud of their pottery roots

“I am a local person and it is important to me that the region is as successful as possible,” she said

“It’s great to show that what is essentially a tech company can be successful in this area. The region has its fair share of bad press, but it is home to a lot of talented and hardworking people”

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Denise Coates

Ebene News – UK – bet365 boss Denise Coates earns record £ 421million per payday

Source: https://www.stokesentinel.co.uk/news/stoke-on-trent-news/bet365-boss-denise-coates-earns-5252130