Bet365 CEO Bagged $422M to become Highest Paid Woman CEO in 2019
Denise Coates (Founder & CEO of Bet365) who took home $422 Million in 2019 has set a new record in Britain’s corporate history. This proud mother of five rewrote her own record as the top paid woman CEO in 2018.
With this new record in place, Denise is sitting on a staggering $12.2 billion dollars of net worth and is the next contender to figure in the world’s richest nominations this year.
Denise who founded Bet365 saw her salary rise by 47% from the previous year. Her income rose from $287 million in 2018 to a whopping $422 million in 2019. Therefore, etching her name in the record books.
By analysing the 40-hour workweek, Coates’s hourly wage is an eye-popping $212,000. If that number is anything to go by, her income in the past three years alone estimates 1 billion dollars or slightly more.
Based on the accounts that were filed to Britain’s government in 2019, Coates received a base salary of $276.5 million. This was topped with another $59 million which she collected as dividend payments from Bet365. According to the records of her privately owned company, Coates held a 50.1 percent share in it.
Perhaps, Coates’s haul could qualify her as among the list of executives with the highest pay packet of the current year as well. If not, she could be close enough, although it’s too early to speculate.
Last year, Blackstone LP Chief Executive Stephen Schwarzman was compensated more than Bet365 CEO Denise Coates. After pocketing $568 million, he was named a top earner in the private equity industry, but it was only after adding dividends. Schwarzman’s basic salary was lower than Coates at just $69.1 million.
In 2019, Tesla paid $513 million to Elon Musk. Most of the income included stock options on performance. In fact, Tesla made a statement that it paid $0 to Musk in 2018.
Anger Mounts against the Quiet Queen of Online Betting
Recently, BBC interviewed High Pay Center, a UK-based think tank that criticises corporate paying practices. Its executive director, Luke Hildyard postulated that Bet365 filing its accounts immediately following UK general elections may have something to do with avoiding the limelight and public outcry
Bet365 filed its accounts unusually late, especially when taxing the super-rich and regulating gambling industry was an on-going political discussion in Britain. It’s believed that Coates may have preferred to avoid media trial and political repercussions.
“Business success deserves to be incentivised and rewarded, but a fraction of this payment would afford most people a lifestyle beyond their wildest dreams”
According to the Financial Times, it’s speculated that Coates paid $164 million in tax for her income, an amount that could have been lessened by accepting most of its dividends. In 2019, a donation of $111 million was made to Denise Charitable Foundation by Bet365.
While Bet365 is riding the profit boom with $65 billion a year from the betting industry, it received sharp criticism for operating in grey markets across South Asia, especially in China.
Another Feather in Hat with $1 Billion as Profit
Bet365 is the turf of Coates family with revenue of £2.981 billion. Today, it’s worth more than Sir Richard Branson’s business. It’s about the chapter of a businesswoman that began from Portakabin in Stoke-on-Trent to a powerful CEO of a multibillion-dollar empire.
It was Coates’s father Peter who succeeded as a local business owner. He owned several betting shops in the small town. At the turn of the millennium, it was Coates who saw the opportunity that awaited in the World Wide Web.
She purchased a domain name from eBay for a paltry sum of $25,000. It went on to become a multi-billion dollar casino website that’s presently known as “Bet365.com” You can go and have a look at it.
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