Bet365 CEO Denise Coates £260 million surprise pay package illicit mixed reactions in London

 

Denise Coates, the co-chief executive officer of the online betting giant Bet365, received an annual compensation package worth a total of £260 million ($311 million), the firm and the media reported on Friday. 

 

This places Denise Coates among the highest-paid executives in the United Kingdom.
 

 

Millions of people in the United Kingdom are struggling to make ends meet as a result of decades-high inflation, which has led to a crisis over the cost of living and massive strikes.
 

 

When it comes to the top earners in the United Kingdom, Coates is almost always near the top.In 2020, her total compensation reached a high of £421 million.
 

 

According to the annual report of the privately held corporation, she received a base salary of £213 million for the year that ended in March 2022. This figure represents a 15% decrease from the $250 million that she was given the previous year.

Reports say that the 55-year-old woman got at least £50 million in shareholder dividends because she owned more than 50% of the company. This gave her the power to profit from the company's profits.

 

In the previous year, director pay was cut to make up for the growth of the company, which brought the number of employees up by more than 10% to about 6,100.
 

Coates established Bet365 in the early 2000s, and the company has since grown into a dominant force in the world of online gambling.
 

 

Bet365 also said on Friday that its annual income had gone down because it had lost money on the football team Stoke City, which it owns.
 

 

The city of Stoke, which is located in the middle of England and is well-known for its pottery industry, is home to the company's headquarters. 

 

The group's earnings before taxes dropped to £49.8 million from £469 million in the previous year. The revenue increased by 2% to £2.9 billion.
 

 

According to a report that was released on Thursday by the High Pay Center think tank, the CEOs of the top publicly traded firms in the United Kingdom would earn more in the first three working days of 2023 than the typical worker will earn in the whole year.