Rising Revenues for bet365, Denise Coates Takes a Pay Cut
Bet365 has announced its return to profit in its latest financial results, with increasing revenues contributing to a strong year.
Key Facts:
- bet365’s financial results have been filed at Companies House.
- Increase in turnover recorded, up from £3.4bn to £3.7bn last year
- Betting company says it has made a £626m profit before tax
- Boss Denise Coates took a 45% pay cut but still made £150m
After previously making a £60 million pre-tax loss, the year to the end of March 2024 saw bet365 make a £626 million pre-tax profit.
Among the reasons for the change in fortunes at bet365 was the fact it saw a significant increase in turnover, which was up from £3.4 billion to £3.7 billion last year.
The boost in Bet365’s profits was partly down to reductions in executive pay, with boss Denise Coates taking a 45% pay cut last year.
However, Britain’s richest woman still took home £150 million in salary and dividends.
Charitable Donation
Bet365 also confirmed it has boosted its donations to charity in the past 12 months.
The company gave a total of £127 million to charity last year, which included £120 million that went to the Denise Coates Foundation.
Bet365 was known as being the owner of Stoke City, a football club based in the area where the company has its base.
However, the club has now been demerged from the company and is now instead controlled by another member of the Coates family.
The cost of demerging Stoke City Football Club from Bet365 is estimated at about £118 million.
Betting Revenue On The Rise
Bet365 said in its financial results, which were filed at Companies House, that its betting revenue rose by more than 10% during the 12-month period.
Product improvements were cited as the reason for this increase in betting revenue at bet365. Boxing, cricket, F1 and UFC are all now available to use with the bet365 bet builder tool.
Chief executive and co-founder Denise Coates said in a statement that investments in the United States have boosted бet365 in recent months:
In the filing, she said: “During this period, the group has continued to invest significantly in its American platform and has successfully launched regulated products in the states of Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina and Pennsylvania.”
In the gaming section at bet365, Coates said its results have been “broadly flat” during the 12-month period, but this was in line with the company’s expectations.
Coates said: “Maintaining this level of performance can be attributed to a number of strategic initiatives across the different gaming products.”
