UK gambling boss at center of focus over large salary
There is no doubt about the fact that the gambling industry is one of the most lucrative in the world and for many years, the UK market has led the way when it comes to popularity.
Having been regulated in 2004, this led to a major increase in the number of gambling companies being available for players in the UK, with many firms recognizing the vast potential, in terms of revenue that they could make.
Over the last 15 years, the UK online gambling market has reported record growth rates in terms of gross gaming revenue (GGR), as well as the number of new customers, who are drawn in by attractive welcome bonuses that gambling firms offer.
One company in particular though has established itself as one of the leading firms in, not just the UK, but also across Europe since it was founded.
Launched in 2000, it wasn’t really for another eight years until Bet365 really started to become popular. Founder Denise Coates, was able to use her family ties to propel the brand into the public domain.
The daughter of the owner of Stoke City FC, when the football team was promoted to the Premier League, she sought an alliance with her father to broker a deal to sponsor the football club and later, also the stadium, which was renamed the ‘Bet365 Stadium’.
As a result of this, the brand’s popularity grew across Europe, as evidenced by its office in Gibraltar, as well as Stoke-on-Trent.
In recent years, though such has been the success of the firm, Coates has seen her salary increase significantly. So much so, that over the last four years her complete earnings exceed £1 billion in salaries, dividends, and bonuses.
Indeed, during 2020, amidst a global crisis, Coates was paid £421 million for her role, which equates to £48,000 per hour, while the company in its accounts filings said that the pay package was fair. In addition to this, Coates was also paid £45 million as a windfall labeled a dividend payment.
Following this, the Coates family, which includes brother John as well ranked 16th in the Sunday Times 2020 Rich List with a personal collective fortune that exceeds £7 billion.
What this has also meant is that it is being predicted that it will position the Coates family as the largest taxpayers in the UK, with the company understood to contribute £500 million in taxes to the government.
Criticism drawn in the UK
Following this news, it has led to much criticism in the UK from government officials and the wider public.
Scottish National Party MP (Member of Parliament), Ronnie Cowan has been particularly vocal about this, as well as a clampdown on gambling regulation, indicating that much of the revenue generated for gambling companies comes from the more deprived areas of the country. He also cited that because of the damage that it does to individuals in these areas, who may not be aware of how gambling really works, that salaries of this size are always likely to provoke criticism.
Despite tougher legislation being implemented in the UK online gambling market, it is unlikely to deter Bet365 who can think of themselves as the nearest challengers to the ‘big 3’ (Coral, Ladbrokes, and William Hill).
Written for onlinecasinosrealmoney.co.nz by Adiela de Bruyn on 10-04-2021