Boss of Bet365 paid almost £300m during first year of Covid
Bet365 boss Denise Coates was paid just under £300m in salary and dividends for the first year of the pandemic, as the online gambling firm weathered Covid-19 and benefited from a migration from sports betting as events were cancelled.
Accounts filed at Companies House show that Bet365 made a profit of £470m before tax in the year to the end of March 2021, on revenues that were flat at £2.8bn.
The cancellation of sporting events as a result of the pandemic led to a “significant migration” to other activities such as virtual sports, slot machines and casino products.
Gaming products such as these are associated with significantly higher rates of gambling addiction than sports betting.
The company’s highest-paid director, understood to be Denise Coates, was paid £250m. She also has a share of more than 50% of the company’s £97.5m dividend, taking her total compensation for the year to just under £300m.
The sum is £170m less than her reward for leading the company a year earlier but takes her pay and dividends over the past five years above £1.3bn.
The company made charitable donations, mostly to the Denise Coates Foundation of £103m, up from £89m last year.
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