Denise Coates: Britain's richest woman earns £270m at Bet365 despite losses, who is she

Britain's richest woman Denise Coates earns £270m at Bet365 despite lossesBritain's richest woman Denise Coates earns £270m at Bet365 despite losses
Britain's richest woman Denise Coates earns £270m at Bet365 despite losses | Getty Images
Denise Coates, Britain's richest woman, had a £7 million boost in earnings, totalling just over £220 million the previous year

Denise Coates, Britain's richest woman, had a £7 million boost in earnings, totalling just over £220 million the previous year, despite her family's gambling company, Bet365, facing losses.

According to recent account filings as reported by The Telegraph, the 57-year-old billionaire collected a total of £270 million in pay and profits from Bet365. Her salary increased to £220.7 million, up from £213 million the previous year, and she received a dividend of around £50 million, in line with the previous year's payout.

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Ms Coates, known as one of the world's highest-paid CEOs, is frequently ranked as the highest-paid CEO in Britain. Her annual earnings are around £1 million each working day before tax. She has headed up Bet365 since its start two decades ago, serving as the company's founder, CEO, and main shareholder.

Ms Coates earns a big salary, unlike most business owners who accumulate wealth solely through dividends or share distributions, which exposes her to much greater tax responsibilities. Last year, she and her family reportedly paid HMRC an estimated £460 million.

Bet365 saw a significant growth in turnover for the fiscal year ending March 2023, hitting £3.4 billion from £2.8 billion the previous year. The increase was linked to betting on the 2022 World Cup in Qatar.

However, the corporation recorded a loss of £72.6 million following a significant investment in the United States, a decrease from the £49.8 million profit reported in 2022. Bet365 explained the loss claiming entering new markets requires significant initial investments and expressing confidence that these markets will contribute considerably in the future.

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The Coates family, with a net worth of more than £8 billion, is still actively involved with Bet365, with Ms Coates' brother, John, being a major stakeholder. Stoke City FC's principal shareholders are the Coates family, with Peter Coates, the father, acting as chairman. Bet365 Stadium, formerly known as the Britannia Stadium, is also owned by the business.

Is Denise Coates married and does she have any children?

Ms Coates was born in Stoke-on-Trent on September 26, 1967. She grew up with her brother John Coates, who is also a Co-Founder of Bet365.

Britain's richest woman Denise Coates earns £270m at Bet365 despite lossesBritain's richest woman Denise Coates earns £270m at Bet365 despite losses
Britain's richest woman Denise Coates earns £270m at Bet365 despite losses | Getty Images

She is married to Richard Smith, who also works at Bet365. They are reported to have met at Sheffield University where Denise received a first class in econometrics. Ms Coates is said to have five children. According to a news report, she is said to have one biological child and four adopted children.

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