06/01/2025
Denise Coates Takes Pay Cut as Bet365 Profits Surge in 2024
Denise Coates, joint CEO of betting giant Bet365, has seen her pay package significantly reduced in the financial year ending March 2024. However, the company recorded a remarkable increase in revenues and profits, cementing its position as a dominant force in the gambling industry.
Key Highlights from Bet365’s Financial Report
1. Denise Coates’ Reduced Salary
• Coates’ salary fell to £94.7 million, a sharp drop from £220.7m in 2023.
• Including her share of a £110m dividend, her total pay is estimated at around £150m, compared to £270m the previous year.
2. Revenue and Profit Growth
• Bet365’s revenue rose by 9% to £3.7 billion, driven by an 11% increase in sports revenue, despite the absence of a major football tournament.
• Operating profit soared to £396.6m, a dramatic turnaround from a £24.5m loss in 2023.
• Profit before tax hit £626.6m, up from a loss of £60.2m the previous year.
3. Expansion and Growth
• The company credited its success to an additional week of trading and its expansion into newly regulated US states.
• Employee numbers grew to 9,145, up from 7,567 in the previous year.
4. Charitable Contributions
• Bet365 made £127m in charitable contributions, with £120m directed to the Denise Coates Foundation.
5. Stoke City Football Club
• During the financial period, Stoke City FC, owned by Bet365, recorded a loss of £30.3m. The club has since been demerged, with John Coates now owning the controlling stake.
Regulatory Scrutiny and Industry Impact
Bet365 continues to cooperate with an investigation by Australia’s Austrac over compliance with anti-money laundering and counter-terrorism financing laws. Despite the company’s financial success, analysts at Regulus Partners expressed disappointment, citing lower-than-expected growth compared to other online gambling markets.
Why Bet365 Matters for Punters
As one of the most influential betting platforms globally, Bet365 remains a popular choice for horse racing tipsters, professional gamblers, and recreational punters. Its robust market offerings, particularly in Cheltenham Festival betting, are a significant draw.
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