Denise Coates, UK’s Top-Earning CEO Bags Record $422 Million Payday

Oct 1, 2020 | Billionaire News

Denise Coates, UK's Top-Earning CEO Bags Record $422 Million Payday

Denise Coates happens to be the United Kingdom’s highest and most paid CEO and she is also the founder of the company that participates in the global gambling business, with the name Bet365. The founder took home a paycheck that broke a record this year, the paycheck amounted to around $422 million (£323 million).

Coates happens to be the highest-paid Chief Executive of any United Kingdom company as of 2019. Also, she is one of the richest women in Great Britain. Denise Coates is the eldest daughter of Peter Coates, President of Stoke City F.C. and a director of Bet365. She gained a first-class degree in Econometrics from the University of Sheffield. While at college, Coates started work in the cashier’s department of Provincial Racing as an accountant. Following this, Coates became a director over the tiny string of outlets in 1995.

Bet365.com was launched in 2001 as a web betting website. Denise Coates Company borrowed a sum of £15 million from RBS which was used for the family betting shop estate.

In 2005, Denise Coates sold these shops at the rate £40 million to Coral, which permitted Denise Coates to pay off the loan to RBS. Coates is the majority shareholder with 50.1% of Bet365. Her fortune is calculated at $12 billion as of December 2019. In January 2012, Coates was named a Commander of the Order of British (OBE) for services to the community and business.

Coates is believed to be the highest-paid Bet365’s director. She reportedly paid herself almost £277 million for the year to the tip of March, and this was in line with the company’s account issued on Tuesday. This increased with over £70 million she made last year maintaining her crown as the United Kingdom highest-paid manager. Coates also took home half of the company’s £92.5 million total dividends, from her 50% stake in the clientele.

This worked out fully at a £323 million payroll check for the gaming boss, each working day of the year equated to £1.3 million, and it was largely reported to be a record payroll check for a United Kingdom Director.

Denise Coates net worth is estimated to be over $12.2billion, which makes her sit at 244th in the Billionaire’s net worth list as at 2019. Bet365 net earnings gradually multiplied by 18 per cent to £685 million in the year to the tip of March 2019.

This year the company contributed to the billionaire charity called Denise Coates Foundation which was summed up to be over £85 million. This increased by £10 million compared to her donation last year. Denise Coates, the 52-year-old woman, studied at the University of Sheffield. Denise Coates has a baccalaureate in Econometrics, statistics methods application to Economics. She originally trained as an accountant and helped out in her father’s betting shops.

In 2000, noting the growing popularity of online gaming, and Coates launched Bet365 from a building in a parking lot near one of her father’s shops. Bet365 also owns a British soccer team Stoke City, of which her father, Peter Coates, is president. Peter Coates, Denise Coates father, is also the co-founder of the business, while the co-principal executive is John Coates, Denise Coates brother.

Agreeing to an interview with British newspaper, The Guardian, back in 2012, Coates originally did not get funding from venture capitalists to induce the business off the bottom. Instead, she borrowed the cash from her kinsfolk, and British bank the Royal Bank of Scotland. Denise Coates, in an interview, said she and her family once bet everything they had while they were about to set up the company, she addressed her family as the ultimate gamblers.