Bet365: UK's best-paid manager strikes ₤ 323m jackpot

Bet365 manager Denise Coates has gotten a ₤ 323m payday, validating her position as the UK's finest paid executive.

The co-founder of the online gambling company was paid a ₤ 277m wage plus dividends as the popularity of online gaming continues to grow.

The company's accounts, external show that in the year to end-March her wage rose from ₤ 220m on the previous period.

But the rise comes as the market faced installing criticism, consisting of over kids betting.

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The independently held business is owned jointly by Ms Coates and members of her direct family, including her sibling John, who is joint chief executive, and her dad Peter, the company's chairman.

Ms Coates earned a first-rate degree in econometrics - the application of analytical methods to economic information - from Sheffield University before signing up with the High Street betting firm, run by her daddy.

She determined the potential of online gaming in 2000 and invested in the domain Bet365.com so that she might drive the family service because instructions.

Bet365 earned a profit before tax of ₤ 791m in the year, compared to ₤ 661m the year before.

The firm paid dividends of ₤ 92.5 m, half of which are believed to have actually gone to Ms Coates, as the owner of about half of Bet365's shares.

The group of companies owns Stoke City Football Club, which made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which keeps track of earnings, said the timing of the release of the Bet365 results looked "negative", offered it was simply after a general election.

High Pay Centre executive director Luke Hildyard said: "This looks like cynical timing, slipped out directly after a basic election project where excess wealth, taxes on the abundant and the large space between those on top and everybody else have been key issues."

He added: "Business success should be incentivised and rewarded, but a payment a portion of this promotion code size would still pay for a way of life beyond the wildest dreams of many people."

Mr Hildyard stated there was "plainly scope" for those building up such sums to pay their workers more or contribute more in taxes.

Child betting

In October, Cardiff University research suggested that two-fifths of 11 to 16-year-olds had actually gambled in the past year.

The study stated this promotion code was "particularly concerning, considered that across the UK, many kinds of commercial betting are only legal for those aged 18 and over".

Fruit devices were the most popular kind of betting, followed by playing cards for cash with pals and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement stated at the time: "The proof reveals that people who gamble previously in life are more most likely to end up being problem gamblers in their adult years."

However, a Betting Commission study in October, external recommended that 11% of kids had actually bet within a week of the study being performed.

But in addition, the regulator cautioned in July, external of research study that showed links between "issue gambling and self-destructive thoughts or efforts".

Bet365 says it has "an unwavering dedication to provide industry-leading methods to player protection", consisting of tracking client betting, and states it will "terminate the [consumer] relationship if it feels the risk of damage is expensive".

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15 October 2019