Bet365 boss Denise Coates takes home almost £300m pay packet

Bet365 boss Denise Coates took home almost £300 million during its last financial year as the pandemic stalled growth at the betting giant.

It represented a roughly £170 million cut in pay and dividends for Ms Coates, one of Britain’s richest women, according to new filings.

The gambling boss was paid a £250 million salary in the financial year to March 28 2021, and also received a share of more than 50% of the company’s £97.5 million dividend.

The figure takes her pay and dividends to around £1.3 billion for the past five years.

She founded the online gambling company in the early 2000s in Stoke-on-Trent after spotting the potential of internet betting to revolutionise the industry.

The accounts of Companies House show Bet365 revenues were broadly flat, inching to £2.818 billion for the first year of the pandemic, compared with £2.811 billion in the previous year.

Bosses at the firm said a surge in online gaming demand helped offset significant disruption to sporting schedules during the year.

“At the start of the period we experience the almost complete cessation of sporting events, however by the end of the first half of the year, we saw the resumption of sports with the vast majority of European football leagues managing to conclude their domestic seasons,” the company said.

Meanwhile, operating profit increased by 47% year-on-year to £285.5 million, which it said was particularly driven by reduced pay packets for directors.