In a recent announcement, Denise Coates, CEO of Bet365, was revealed as the highest taxpayer in the UK for a third consecutive year.
Whilst the amount paid by Coates was significantly lower than in the previous year (£481.7m down from £573m), the head of the country’s biggest betting and online casino continued to top the list
In this article, we will take a more in depth look at Coates’ role in the modern gambling industry as well as breaking down the nature of her payments to the government down the years.
So, without further ado, let’s take a look at the news that Bet365 owner Denise Coates tops the UK tax list once more this year.
Runaway leader
Whilst Coates paid less than in previous times, the fact that she continues to be far and away the biggest UK taxpayer shows just how successful Bet365 has become in recent years.
According to a spokesperson for NewCasinoSites.me.uk: “Denise Coates has amassed a huge fortune since launching Bet365 from humble beginnings. Last year she paid herself £421m and since 2016 her earnings total over £1bn.”
“Estimates of Coates’ personal wealth total around £8.4bn, meaning she is the 17th richest person in the UK today.”
Indeed, some have suggested Coates may be worth considerably more than this, with some estimates putting her personal value at around £12bn.
Now that we have looked in more detail at the exact nature of Coates’ fortune and the fact that she is the highest taxpayer in the UK today, let’s consider the wider story of Bet365’s success in recent years.
Bet365 and the growth of online gambling
Since launching as one of the UK’s earliest online betting sites back in 2001, Bet365 has gone from strength to strength to become a true behemoth of the global gambling scene.
First focusing on sports betting, the site is today a multifaceted operation providing everything from a huge online casino space to esports betting to its millions of customers.
As the industry continues to grow, so do Bet365’s fortunes, with an estimated £45m amassed in sports bets in the previous year alone. Today, the company has a majority share in Stoke City Football Club, with Coates’ father the chairman.
Although Denise Coates pays high taxes and does a huge amount of charity work, many in the UK remain peeved at her enormous salary, which as CEO she is able to pay to herself.
On the other hand, there are those who insist that as founder, CEO and majority shareholder, Coates is well within her rights to do so and can run Bet365 as she likes.
Whatever side of the fence you fall on, it can’t be denied that Denise Coates paid an awful lot of tax in the last year, much of it coming as a result of the growth of online gambling everywhere!
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