The gambling executive Denise Coates has shored up her place as one of the wealthiest executives in Britain after receiving about £260 million in salary and dividend payments.
The Bet365 chief executive has had her total pay cut after a sharp fall in profits at the betting empire that she started as a website with her brother in 2001. She is known as one of the most highly paid bosses in the country after her pay hit a national record of £469 million during the pandemic.
She received a salary of £213.4 million for the year as the highest-paid director at the company. Her remuneration has fallen from £249.6 million last year. She also received a dividend of about £50 million through her 50 per cent stake in the company.
Coates is one of the top taxpayers in the country after her family paid an estimated £481.7 million in tax last year, according to the Sunday Times Tax List.
Bet365 said that profits had declined from £469.2 million to £49.8 million in the year ended March 27, 2022 on revenues that were broadly flat at £2.9 billion.
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The company has also faced criticism from campaigners fighting to tackle gambling addiction. It said in its accounts that it had been working with charities to make the industry safer and has been contributing to research on how to help addicts.
The gambling industry has come under pressure from MPs and campaigners for profiting from addicts who can be driven into financial difficulty from betting. The Gambling Commission has estimated that there are 430,000 problem gamblers in Britain.
Labour’s Carolyn Harris MP said: “The government must bring forward reforms urgently to properly regulate this sector and introduce a statutory levy so the industry can pay for much needed research education and treatment to prevent harms and protect people”.
The government has pledged to deliver a White Paper on gambling to overhaul the sector but policymaking has been beset by delays.
In its accounts the company said: “The group has continued to work with regulators and industry colleagues, both in the UK and internationally, in order to demonstrate best practice in safer gambling. The group looks forward to the publication of the UK government’s white paper as part of the ongoing review of the Gambling Act and to continue to engage constructively with the policy development process.”
