Bet365 boss Denise Coates nets record £421m payday despite revenue fall
The figure does not include dividend payouts on her stake of roughly 50 per cent of the company.
The bumper payday exceeds the £323m package Coates was paid in 2018 and takes her total remuneration to more than £1bn in the last four years.
It came as the Stoke-on-Trent based company reported a 7.5 per cent decline in revenue from its core sports and gaming business to £2.8bn.
While the Denise Coates Foundation – which supports charitable causes – received an £85 million contribution from bet365 during the period.
The charity subsequently donated £10 million to the UHNM charity to support staff and patients at Royal Stoke Hospital and County Hospital, Stafford, in the fight against Covid-19.
Pre-tax profit dropped 83 per cent to £137m due in part to a write down on investments, as well as the increased remuneration.
In the financial report, joint group chief executive Denise Coates CBE said: “I am pleased to report that the Group continued to make considerable progress during the period, particularly in the priority area of safer gambling, where significant investment and developments have been made.
“The period also saw the initial impact of Covid-19, with sport at all levels halted across the world. I am delighted with how the group responded and adapted to these challenging circumstances. We continued to operate the business successfully throughout the lockdowns with business continuity plans enacted resulting in staff being able to work from home whilst significant investment was also made to ensure the office environments were Covid secure.
Industry body the Betting and Gaming Council this week urged ministers not to put the sector at risk, pointing to its £7.7bn contribution to the UK economy in 2019.
Coates’ enormous payday reaffirms her status as one of Britain’s highest paid directors. She is also a major philanthropist, donating millions through the Denise Coates Foundation.
The figure also means Coates is likely to have bagged the UK’s largest ever annual pay packet. Earlier this month hedge fund tycoon Sir Chris Hohn staked a claim to that title after paying himself £343m last year.