UK’s richest businesswoman earned thrice as a lot as Apple CEO Tim Cook dinner after 45% pay lower
Jan 09, 2025 04:29 PM IST
Regardless of a forty five% pay lower, Denise Coates, joint-CEO of Bet365, earned £158.7 million in 2024, outpacing most world CEOs.
UK’s highest-paid girl took a forty five% pay lower however nonetheless earned greater than most world CEOs, stated a report by the BBC. Joint-CEO of playing agency Bet365, Denise Coates, has retained her standing as billionaire and UK’s highest-paid girl regardless of the pay lower final 12 months.
In 2024, Coates earned £158.7 million in wage and dividends for the 12 months, in line with firm filings. Whereas her pay declined in comparison with earlier years, her earnings nonetheless stay far forward of most CEO’s like Apple’s Tim Cook dinner, who earned £49.7 million in 2023 —lower than a 3rd of Coates’ complete earnings.
Her pay is made up of a £94.7 million wage together with £64 million in dividends derived from her 58% stake in Bet365. Her brother and co-CEO, John Coates, is the opposite shareholder within the £110 million dividend.
Who’s Denise Coates?
The Coates household’s wealth, primarily derived from Bet365, is valued at practically £8 billion, in line with the Sunday Occasions Wealthy Record.
In 2000, Denise determined to mortgage her father’s betting store chain to launch the web playing platform alongside her brother. This daring transfer has through the years catapulted her to being known as certainly one of UK’s “most profitable ladies”. Coates is among the many best-paid executives on this planet and holds a first-class diploma in econometrics. She skilled as an accountant in her household agency earlier than taking on the household enterprise.
Beneath her, the corporate’s progress skyrocketed and it turn into one of many world’s largest on-line playing web sites. Subsequently, her earnings reached an all-time excessive throughout the 2020 Covid pandemic as the web playing sector surged. She earned a report £466 million in 2020 adopted by £300 million in 2021.
Why the pay lower?
Denise Coates’ pay cuts got here amid a notable surge in Bet365’s monetary efficiency. The corporate, which operates sports activities betting and gaming platforms and owns Stoke Metropolis, a Championship soccer membership, posted a pre-tax revenue of £596 million, supported by a 9% rise in turnover to £3.7 billion.
(Additionally learn: Jeff Bezos set his wage at $80,000 at Amazon however made $8 million each hour.)
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