Bet365 records loss as its chief Denise Coates takes another bumper payday
Gambling giant Bet365 fell to loss as it expanded into new markets, but its chief scooped a bumper bonus to remain one of the highest-paid executives in the country.
The betting firm’s latest filing on Companies House showed for the year to March 2023, that while its revenue soared, it still made a loss after expanding into the US and China.
Bet365 reported revenue of £3.4bn for the period, with sports betting making up more than £2bn of that, and online betting accounting for over £700m.
It made a loss of £69m, after a profit of over £330m the year before that. The company said in the report, that a “geographical analysis of turnover has not been given as in the opinion of the directors such disclosure would be severely prejudicial to the interests.”
It said its losses were down to investment, particularly in new markets such as China and the US, as well as an overhaul of its tech system. “Entering into new markets requires high initial investment, however the directors remain confident that these markets will deliver a significant contribution to the group in future periods,” the company said.
In its report, Bet365, which also owns Stoke City Football Club, said its chief executive Denise Coates was paid £220m for the year, making her one of the highest-paid executives in the country.
Last year, Denise Coates scored a £260m jackpot, making her the UK’s highest-paid boss in 2022. In 2021, Coates paid herself at least £421m in the year to March 2020, despite a decline in revenue in the run-up to the pandemic.
This comes as the gambling industry prepares to go through a series of major reviews in a bid to stamp out gambling addictions.
The High Pay Centre think tank argued the bumper pay package is not fair or appropriate.
Luke Hildyard, executive director of the High Pay Centre, said: “People deserve to be rewarded for innovation and success but there’s a question of what’s sensible and proportionate.
“Nobody becomes a multi-billionaire in isolation from wider society.
“In this case, the wealth depends on money coming out of gamblers’ pockets, the efforts of thousands of staff, plus wider factors like people having some disposable income, a secure and reliable internet network or all the infrastructure that goes into staging sports events.”