Denise Coates takes a pay cut but profits soar at bet365

Revenues and profits rose at bet365 in the gambling industry giant's last financial year, but the pay of joint chief executive Denise Coates fell according to their latest accounts filed with Companies House.

Coates, who runs bet365 alongside her brother John, saw her salary fall to £94.7 million in the year to the end of March 2024, compared to £220.7m the previous year.

With her share of a £110m dividend paid by the company, Coates's total pay package is expected to come to around £150m, compared to £270m in 2023.

In all, directors remuneration at the company fell to £124.2m having been £304.8m the previous year, which helped drive what the company said was a £286.5m fall in year-on-year administrative expenses.

According to the strategic report in the accounts, revenue at Stoke-on-Trent based bet365 rose by nine per cent to £3.7 billion during the period, "despite the lack of a major football tournament".

Revenues rose by nine per cent at bet365 in the company's latest financial yearCredit: Alan Crowhurst

Sports revenue increased by 11 per cent thanks to an additional week of trading activity and the company's expansion into newly regulated states in the US. Revenue in gaming was reported to be flat year-on-year.

Employee costs increased in line with headcount at the group, which ended the financial period with 9,145 staff employed, compared to 7,567 in the previous year.

Operating profit soared to £396.6m, compared to an operating loss of £24.5m in 2023, while profit before tax for the group's sports and gaming operation was £626.6m, having recorded a loss of £60.2m 12 months earlier. 

Nevertheless, analysts at Regulus Partners said of bet365's figures, given inflation and double-digit growth in most online gambling markets, "it is hard to call these top line results anything more than disappointing".

The group still owned Stoke City football club during the period, which recorded a loss of £30.3m.

The football club was demerged from the group in July last year, with John Coates now owning the controlling stake.

The company also said it continued to co-operate fully with an investigation by the Australian financial watchdog Austrac over its compliance with anti-money laundering and counter-terrorism financing laws.

Bet365 are privately owned by Denise and John Coates along with their father Peter, with the family placed third in the Sunday Times' most recent list of highest British taxpayers.

The company also made charitable contributions totalling £127m during the period, with £120m going to the Denise Coates Foundation charity.

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