Denise Coates could walk past you in the street and you wouldn’t have a clue who she was. This isn’t a slight on Coates, it’s just she looks and acts like any other person. She does this despite being the United Kingdom’s best-paid boss.
Coates lives a private life despite her and her family amassing a £7.166 billion ($13.1 billion) fortune. You wouldn’t even know she was filthy rich unless you saw her in her top-of-the-range Aston Martin car. She’s made her fortune from owning 93.3% of gambling giant bet365.
She hit the headlines in 2018 after becoming Britain’s wealthiest boss. The salary Coates awarded herself split public opinion. Some were delighted for the self-made billionaire. Others branded Coates’ salary obscene.
How much did Coates pay herself in 2018? A staggering £265 million ($484.5 million)! Her basic pay increased from £199 million ($363.8 million) to £220 million ($402.2 million). Coates also received a £45 million ($82.3 million) dividend payment after bet365 announced huge profits. These astronomical sums meant Coates earned £726,000 ($1.32 million) per day in 2018.
2019 saw Coates pay herself an even larger salary, one weighing in at £330 million. Coates earned more money than Tim Cook, the man running tech giant Apple.
Coates Family 16th Wealthiest In the United Kingdom
The Coates Family are the 16th wealthiest people in the United Kingdom with a £7.166 billion ($13.1 billion) fortune. This is according to the popular Sunday Times Rich List that’s published each year. They may have billions, but they still trail Sir James Dyson and Family by £9 billion ($16.45 billion).
It could have been a different story had a gamble not paid off, which is ironic considering Coates’ fortune stems from gambling.
Coates earned a degree in econometrics from the University of Sheffield and trained as an accountant. She admits she hated being an accountant so jumped at the chance to manage her father small portfolio of betting shops. Her business acumen saw her turn the firm’s fortunes around, but she knew the future was in online gambling.
Coates set up bet365 from a portacabin in a Stoke car park in 2000. She purchased the bet365.com domain name for £19,000 ($37,400) and secured a £15 million ($27.4 million) loan and bet365 was born. Coates spent the next year developing the bet365 website. It was making that much money by 2004 that she sold the chain of betting shops for £40 million ($73.1 million).
Bet365 has since grown to be one of the world’s largest online gambling companies.
Punters wagered £52.56 billion ($96.12 billion) in 2019 alone. That’s more than the economic output of Croatia and Uruguay combined. Profit weighed in at £791 million, despite her absurd wages.
bet365 Sports Betting Under The Spotlight In Australia
bet365 operates legally in Australia; its sportsbook is allowed but its casino product isn’t. One of its former employees shed some light into the company’s shady practices in December 2019.
James Poppleton worked as a customer account supervisor for bet365 at its Darwin headquarters. He claims things he saw take place were a burden on his conscience, so he turned whistleblower.
Bet365 uses a computer programme to assign a risk rating to its customers, according to Poppleton. This automated system flags customers who are big winners and losers. Gambling companies don’t want big winning customers for obvious reasons.
“Your data tells them how many bets you’ve place, what sport you’ve put it on, your average bet, your total turnover, and your win or loss ratio to the company. If you win, the algorithm kicks in and stops you from being able to bet any significant amount of money.”
The system prevents winning players from placing large wagers. It doesn’t however, do the same for those punters losing fortunes. Poppleton even claims winning players are allowed to bet big amounts again if they start losing.
Coates has never commented on this practice and bet365 rejected offers of interviews from Aussie new outlets.