Bet365 CEO Denise Coates, despite a significant 45% pay cut, maintained her position as one of the UK's highest-paid executives last year, earning over £150 million. Newly released Companies House accounts reveal a substantial jump in company profits, yet Coates's salary decreased.
Coates's 2023 compensation was £94.7 million, down from £220 million the previous year. This substantial reduction, following criticism from organizations like the High Pay Centre, highlights the evolving landscape of executive compensation.
The company's financial performance, however, paints a different picture. Bet365 reported a significant surge in turnover, reaching £3.72 billion in 2023, a rise from £3.41 billion the year prior. This growth was accompanied by a substantial pre-tax profit of £596.3 million, a dramatic turnaround from a £72.6 million loss the year before. The firm also distributed a substantial £110 million dividend to shareholders, suggesting continued financial health.
Despite the pay cut, Coates still remains eligible for a considerable portion of the dividend due to her substantial stake in the company. The Coates family's overall wealth remains substantial, estimated at £7.5 billion.
Further context is provided by Bet365's reported expansion of its in-play and pre-match markets, along with enhancements to sports offerings, including American football and baseball.
Importantly, Bet365 also faced a regulatory fine of over £500,000 in 2024 related to anti-money laundering measures. This underscores the need for compliance within the gambling sector.
