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  1. #1
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    Cool Bet365 founder paid herself an 'obscene' 265m in 2017 :-)

    Denise Coates, the multibillionaire founder and boss of the gambling firm Bet365, paid herself 265m last year in a record-breaking pay deal for the chief executive of a British company.

    The huge pay package, which equates to nearly 726,000 a day, dwarfs the previous UK record set by Coates when
    she collected 217m a year earlier.

    Coates was paid a base salary of 220,004,000 in the year to March 2018, accounts filed at Companies House on Wednesday reveal. On top of this, she collected dividend payments of 45m from her more than 50% shareholding in the Stoke-based company.


    Her pay is more than 9,500 times the average UK salary, 1,700 times that collected by the prime minister and more than double that paid to the entire Stoke City football team, which Bet365 owns and which was relegated from the Premier League last season. Coates’s pay is also 27 times that earned by Tim Cook, the chief executive of Apple, the world’s most valuable company.

    Vince Cable, the leader of the Liberal Democrats, said Coates’ “eye-watering pay package” was “irresponsible and excessive”.

    “In any circumstance, it is hard to justify, but more so given the money comes from people struggling with compulsive gambling,” Cable said. “This is an industry body needing tighter regulation. We have started high-stake gaming machines. We now need to move into online gambling, and curbing the advertising around it.”


    Luke Hildyard, a director of the High Pay Centre, said: “Why does someone who is already a billionaire need to take such an obscene amount of money out of their company? It is difficult to find a reason beyond pure greed.


    “A payment of this size would be impossible to justify for someone whose business was in unquestionably life-enhancing products or services. It is doubly offensive when awarded to a betting company CEO at a time when problem gambling is spiraling out of control.”

    Coates, who started out as a cashier marking up results in betting shops owned by her father before taking control and turning it into one of the world’s largest gambling groups, did not comment on the size of her pay. She told shareholders: “Increased remuneration for individuals [has] been key to the development of the overarching corporate strategy that has successfully driven the group forward.”


    In Bet365’s accounts, she said: “I am pleased to report that the group continued to experience significant growth during the period, with overall revenue and operating profit increasing year-on-year by 25% to 2.9bn and 31% to 660m, respectively.”


    Even before the bumper payday, Coates and her family were listed as the 21st richest in Britain with a 5.8bn fortune – more than Sir Richard Branson with 4.5bn or easyJet’s Sir Stelios Haji-Ioannou with 3bn.


    Coates, 51, who keeps herself out of the public eye and very rarely gives media interviews, owns just over 50% of the company. With the rest of her family – including her brother John (co-chief executive), husband Richard Smith (a Stoke City director) and father (chair of Stoke City) – she controls 93% of Bet365.


    The total pay to Bet365’s directors and “key management personnel” was 449m, up from 322m a year earlier. Salaries are high across the board at Bet 365, with its 4,030 employees sharing 648m, which works out at 161,000 each if shared equally.


    After graduating with a first-class degree in econometrics – the application of statistical methods to economic data – from Sheffield University, Coates expanded the family’s Provincial Racing shops chain to nearly 50 betting shops. As the millennium approached, she decided the future of betting lay online and bought the Bet365.com domain on eBay for $25,000 (19,000), a move that catapulted her and her family up the UK wealth league.

    She was awarded a CBE in 2012 for services to the community and business, and has become known as the “patron of the Potteries” for her decision to continue to base Bet365 in Stoke, where it is the largest private-sector employer. “We mortgaged the betting shops and put it all into online,” she said at the time. “We knew the industry required big startup costs but we gambled everything on it.”

    Bet365’s customers wagered almost 52.3bn last year – 5.5bn more than the year earlier. The company’s TV ads are fronted by the actor Ray Winstone and broadcast during high-profile sporting events.


    The revelation of Coates’ huge pay comes as an official report says the number of problem gambling children has quadrupled in two years. An audit by the Gambling Commission found there were 55,000 problem gamblers aged 11-16, and a further 70,000 young people at risk.

    The report, published on Wednesday, found that 450,000 children – one in seven of the total – bet regularly on fruit machines, online, in betting shops or at bingo. All gambling is illegal for under-18s.

    Mike Dixon, the chief executive of the addiction charity Addaction, said: “It’s astonishing that a CEO of one gambling company is paid 26 times more than the entire industry’s contribution to [addiction] treatment. We know problem gambling affects more than 2 million people. We need a proper levy on gambling industry profits so more people can get help and support.”


    bet365 made a 75m donation to the Denise Coates Foundation, which mostly funds medical and education charities. The charity has not made any donations to gambling or addiction charities.

    Source: https://www.theguardian.com/business...e-265m-in-2017

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  3. #2
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    Wow! That is one massive salary for anyone to have. Imagine what you can do with it. Just unbelievable.
    Last edited by Cash Bonus; 21 November 2018 at 10:03 pm.

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    bought the Bet365.com domain on eBay for $25,000 (19,000), a move that catapulted her and her family up the UK wealth league
    incorrect, as almost everything in the article
    domain itself is nothing, what catapulted them to the top league was the honest business approach and hard work

    I do not know if billionaire needs more billions and if it is a pure greed or not. But since one of the sins was mentioned, I am sure there is a lot of envy in the article. It is disgusting.

    We need a proper levy on gambling industry profits so more people can get help and support.”
    About 320% tax should be sufficient.
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    Quote Originally Posted by vtyunby65 View Post
    Wow! That is one massive salary for anyone to have. Imagine what you can do with it. Just unbelievable.
    I find some posts on GPWA (especially from one person... or 2) much more unbelievable.
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    I say good for her. It's her company and she can do whatever she likes with the money it makes her. She's also paid a massive tax bill to get that amount of money out of the company. It's only news because it's gambling.
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    Quote Originally Posted by Sherlock View Post
    I find some posts on GPWA (especially from one person... or 2) much more unbelievable.
    That's the number 1 contributor your talking about... the only reason people visit GPWA...

    BTW it's the guardian, lefty newspaper so expect envy hate and the desire to share hard working peoples wealth among those that cant, or dont want to try

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    No wonder they have negative carry through, my account is in the minus and will be for some time now. Hope you enjoy the money DC
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    Yes that salary is excessive.

    But it's her company, and the salary might be so high due to tax reasons.

    In the end, it doesn't really matter if the owner gets paid with a salary, a dividend or a mix of both. But I doubt the Guardian would have made an article about it if she was paid a modest salary and a higher dividend.

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    They are building a new house about 4 miles from where I live. The old house wasn't too shabby tho from what you can see.

    They have also spent a lot of money on the head office in stoke and create a lot of jobs in the local area too.

    Like people point out, private company and they can do what they want with it.
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    Ah good on her, not saying she 'earned' it as no one needs that type of money, but I respect the ethos she has instilled in the company when bench marked against others. I would rather see DC earning hundreds of millions than horrible investment groups like CVC and others.

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    It's her company (and of her family), hence she decides about the salaries, dividend, etc. As it's not a public listed company, she doesn't need to give any explanation to 1000's of shareholders and as it's not a company funded with tax money she doesn't need to give an explanation to the public. It's up to the public to make a decision to play at Bet 365 or not. If people feel this salary is excessive, they have the option to not play at Bet 365. Nobody is putting a gun at their head to play there.

    Just like people have the choice to not buy crappy articles of for example the Guardian, which leads to them begging for a pound after each and every article.

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    The Guardian getting jelly.

    As others have said, it's a privately owned company, spend it how you like, pay yourself what you like.

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    I get more frustrated when reading companies going bankrupt and people losing their jobs, all while paying their top execs millions in bonuses.
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    This is not news, just politics of envy spouted by the Guardian/BBC/lefty news organisations.

    Her company has made loads of money, why shouldn't she pay herself some of it?

    Do people go mad at Bill Gates cos he's worth tens of billions of pounds? Nope. It 's because it's gambling isn't it. And lots of money. Bad combination for softy Guardian readers to handle.

    Why can't they look at it another way? She's stayed in the UK.
    She'll pay about half of that 265m in tax back to the treasury = net gain for the country, compared to many super-rich who have long since left these shores for tax havens and pay very little tax.
    She could very easily have gone to IOM or somewhere nearby and paid 125k tax on that 265m.

    But hey ho, let's all hate the rich, people who are good at what they do, let's hate success, let's hate wealth. Let's take advantage of people who don't even know how the economy or the tax system work for a good headline and hit piece.

    Lefty outlook = "If I can't be rich then I want everyone equally as poor as me to make me feel like society is fair".
    Last edited by RacingJim; 22 November 2018 at 7:55 am.

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    I also take money from my company because it's mine.

    Not sure why would you want to take 265m though, a year after you take 217m, what can you possibly want that requires that much money and that justifies the tax you had to pay to pull the money out?

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    Quote Originally Posted by DanHorvat View Post
    I also take money from my company because it's mine.

    Not sure why would you want to take 265m though, a year after you take 217m, what can you possibly want that requires that much money and that justifies the tax you had to pay to pull the money out?
    I'd give it a good go. Super cars, travelling looking after friends and family, charity work, houses......ahh if only
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    She employs 4000 people, runs a charitable foundation, is ceo of the best (and only honest) UK betting company and will pay half of her earnings in tax to the UK government. Her family also pours money into a Championship football club, employing countless more. She has done a lot for the economy of her home city Stoke as well as for the wider UK. The only thing 'obscene' about this story are the band of small-minded, champagne-socialist Guardian writers and readers who are defined by the politics of envy.

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    Quote Originally Posted by Strider1973 View Post
    Yes that salary is excessive.

    But it's her company, and the salary might be so high due to tax reasons.

    In the end, it doesn't really matter if the owner gets paid with a salary, a dividend or a mix of both. But I doubt the Guardian would have made an article about it if she was paid a modest salary and a higher dividend.
    I am not a tax expert, but I guess salary costs more on taxes than dividends. It actually scares me.
    I am afraid that Coateses get sick of this sh1t. I am sick and I am in much lower numbers and I am anonymous. Regular employees have more peaceful life than me. I can not imagine the pressure that she has on her shoulders, especially with this Guardian propaganda. They said they like what they do, but a lot of things are changing recently.

    So maybe she is preparing to sell the company and stay as CEO, so she is raising her salary. I hope that moment will be postponed. We know, that it would be the end.
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    Quote Originally Posted by Sherlock View Post
    I am not a tax expert, but I guess salary costs more on taxes than dividends.
    Agree with this. Dividends are far more tax efficient. So the reality is that Ms Coates is being a good citizen.
    I don't find it greedy - it's earned capital and a privately held company. The article is simply trying to whip up envy.

    Quote Originally Posted by Sherlock View Post
    So maybe she is preparing to sell the company and stay as CEO, so she is raising her salary. I hope that moment will be postponed.
    And with this.

    IF the company is cash rich - then you would extract the cash before selling.
    Again - dividends to shareholders are the traditional method.

    Perhaps the family shareholding isn't structured correctly - ie. if dividends were paid other family members would get a windfall too?

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    Quote Originally Posted by DanHorvat View Post
    I also take money from my company because it's mine.

    Not sure why would you want to take 265m though, a year after you take 217m, what can you possibly want that requires that much money and that justifies the tax you had to pay to pull the money out?

    The money is more vulnerable in the company than in private hands with regard to lawsuits IMHO.

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