Gambling executive’s $281 million salary deemed not ‘sensible or proportionate’ – CNN

CNN
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The founder and managing director of gambling company Bet365 earned a salary of around $281 million (£221 million) in the last financial year ending March 26, 2023. This figure was described as “unwise and disproportionate” by one campaign group.

Dennis CoatesThe co-chief executive and largest shareholder of Bet365 received at least 50% of the company's $127m (£100m) in dividends, in addition to his $281m salary. A corporate report released on a Sunday program was revealed.

Her base salary increased by around $10 million compared to last year, despite Bet365 making a pre-tax loss of around $77 million (£60.2 million). The company's financial report attributed the loss to “significant increases in costs associated with entering new markets.”

Bet365 did not respond to CNN's request for comment.

Coates' salary makes her the highest paid woman in the UK and one of the highest paid CEOs in the world. BBC – has attracted criticism, especially considering the UK situation. cost of living crisis.

“People deserve to be rewarded for their innovation and success, but the question is what is wise and appropriate,” Luke Hildyard, executive director of the High Pay Center, said in a statement to CNN on Monday. mentioned in.

“No one becomes a multi-millionaire by being isolated from society. In this case, wealth comes from the money that comes out of the pockets of gamblers, the efforts of thousands of staff, and those who have some disposable income. It depends on broader factors such as the people who host the event, a secure and reliable internet network, and all the infrastructure needed to host a sporting event.

“Ultimately, Britain's prosperity depends on how the wealth our economy generates is distributed. On top of the fortunes of billionaires, pumping in hundreds of millions of pounds more every year means that living standards This is not a good way to maximize the value of money and overestimates the contribution of the ultra-rich.”

According to Bet365's latest report, the company paid $127m (£100m) to the Dennis Coates Foundation, which distributes funds to charities across the UK and abroad.

The Coates family is also estimated to be Britain's second-highest taxpayer in 2023, contributing around $585 million (£460 million), according to The Sunday Times.

according to forbesCoates, 56, who is estimated to be worth $7 billion, bought the Bet365.com domain in 2000 and launched the website in 2001.

Today, the company is headquartered in Stoke-on-Trent, employs more than 7,500 people worldwide and attracts more than 90 million customers each year.

Bet365 Group Limited also owns Stoke City Football Club, which plays in the second tier of English football. Last year, the club suffered a pre-tax loss of $15.8m (£12.4m).

The company's success is a testament to Britain's interest in gambling.

by gambling commission44% of adults in the country participated in gambling activities within the past four weeks in the year to March 2023.

The commission also reported that the UK gambling industry's total revenue from April 2022 to March 2023 was $19.2 billion (£15.1 billion).

However, the gambling industry is an industry that has been specifically designated by the government as an addiction-related problem.

UK Government in 2023 review Research into gambling-related harms shows that 0.5% of the adult population have a gambling problem, 3.8% gamble at a dangerous level, and 7% are negatively affected by the gambling of others. got it.

The same review's economic analysis found that the annual excess direct financial costs to governments related to harmful gambling amounted to $525.6 million (£412.9 million).