Bet365 chief Denise Coates earns £221 million but expansion means bookmaker makes a loss

Revenues rose at bet365 last year along with joint chief executive Denise Coates's salary but the gambling industry giant recorded a loss as it expanded in the US, according to their latest accounts filed with Companies House.

Coates was paid a salary of nearly £221 million in the year to March 26, compared to £213m the previous year, and her share of a dividend of £100m is likely to have taken her total package to around £270m.

Bet365's revenues from their sports and gaming segment beat pre-Covid levels, increasing by 19 per cent to £3.4 billion during the period.

Sports betting revenues rose by 15 per cent, with the company benefiting from a "positive" men's football World Cup in Qatar in 2022, while gaming revenues increased by 31 per cent. There was also a 29 per cent rise in active customers.

However, the company said it had incurred a "significant increase in costs" associated with entering new markets which, along with investment in IT, had resulted in administrative expenses increasing year-on-year by £585.2m.

Bet365 said they have "invested significantly in its American platform", with launches in the states of Colorado, Ohio, Virginia, Iowa, Kentucky and Louisiana, as well as Ontario in Canada.

"Entering into new markets requires high initial investment, however the directors remain confident that these markets will deliver significant contribution to the group in future periods," bet365 said.

Revenues have risen at gambling industry giant bet365Credit: Alan Crowhurst (Getty Images)

Staff costs also increased by 11 per cent as headcount increased to 7,567 from 6,092 the previous year.

As a result, bet365's sports and gaming segment made a loss before taxation of £60.2m during the period, compared to a profit of £76.1m the previous year.

In her strategic report in the accounts, Coates said bet365, who also own Stoke City Football Club, welcomed the proposals set out by the government in its gambling white paper in April, including around advertising and sports sponsorship.

She added: "We also welcome steps taken to ensure a workable solution around financial risk which will allow operators to make this assessment through frictionless checks."

Bet365 are privately owned by Coates, her brother and fellow joint chief executive John, and father Peter. Last year the family topped the British taxpayer list according to the Sunday Times.

The company also made a contribution of £100m to the Denise Coates Foundation charity.

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