There are few individuals in this world who are truly happy with the amount of money they make. Whether or not they love what they do is irrelevant for as time progressed being alive has become more and more expensive. However, there is the infamous 1% of the world's population that sees a ridiculous amount of money each year, and Bet365 co-founder Denise Coates is one of those people with a massive net worth and an eye for business.
Denise Coates is a British billionaire and co-founder of the popular online gambling site Bet365. Coates is the eldest daughter of Peter Coates, who is the chairman of recently relegated side Stoke City F.C and director of Bet365.
Denise started working within their family’s bookmaking firm in the cashiers’ department where she’d mark up bets. After leaving university she trained as an accountant and then proceeded to take an opportunity to manage a small chain of shops. She found great success with them and proceeded to procure a loan to purchase a neighbouring chain of shops which she found success with those too. In 1995, she became managing director of the betting shop estate.
She has an estimated net worth of US$12.2 billion, which makes her one of the most powerful women in the UK and in 2019 she was inducted into the Sports Betting Hall of Fame for her leadership in the gambling industry, which is an amazing accomplishment.
Ms Coates, who is the firm’s highest-paid director has had her salary shot up to a massive £277 million, this also excludes dividends. She’s also received 50% of the firm’s overall payout which is £92.5 million, which equates to a grand total of £323.25 million – which is more than what most lotteries are willing to payout as a grand total of a jackpot.
Her recent payout was also £58 million more than what she’d received in 2018, and to put things into perspective, Ms Coates earns 9,500 times more than the average salary in the UK. One has to admire her vision for seeing the potential in online gambling before it took off, and to make Bet365 one of the largest online gambling platforms in the world is no easy task.
Following the announcement of the large sum of money Denise had paid to herself, the company and herself were under fire from the media, not only for delaying the public release of the details of her payment but also because of the amount which had been paid to her. Mike Dixon, CEO of Addaction, a company which focuses on helping people overcome addiction, criticised Coates by mentioning how unethical it was for her to pay herself more than what the entire industry donates to the treatment of gambling addiction. Whereas Luke Hildyard stated that she should be rewarded for her hard work; however, it’s unusual for her to pay herself that much after already being a billionaire and that she should put those funds to good use.
Bet365 has also undergone immense criticism due to their negligence towards players as well as children. Bet365 is also considered to be one of the most private online casinos, rarely providing any reasons as to why there have been certain occurrences with regards to players and payouts.
Bet365 has undergone further criticism with regards to their marketing strategy which has been deemed as overly aggressive as they bombard sports fans of Stoke City F.C with advertisements and billboards which could make it much harder for them to have a grip on their gambling habits. This has seen plenty of other UK based gambling operators to cease advertising on television and social media before 9:00 pm.
This goes to show that even though the company is one of the largest employers in Stoke-on-Trent and donating over £80 million to charities in 2019, the media will continue to criticise everything the company does, hence it’s completely understandable why Denise Coates continues to award herself such a large salary.