In the year 2000, Denise Coates placed a bet that would change her life forever. She went all in on the creation of Bet365 online sportsbook, which would become one of the biggest and most well respected sites on the internet. In 2019, her bet continues to pay off with a historic new record as the highest paid UK executive.
Denise Coates Collects Record Payout For Betting On Herself
After leading the turnaround of a string of betting shops during the 1990s, Denise became the managing director of this part of the family business. Her background and training in accounting and the betting industry lead her to fast success, including an acquisition bankrolled by a Barclays loan.
She didn’t stop there, betting heavily on her vision of the modernization of the sportsbook industry. This paid off spectacularly for the company. As the founder and majority owner, Denise held on to her stake for decades instead of cashing out when tempting offers were made. Her patience and work to implement Bet365 updates over a lengthy period of time have paid off extremely well.
Denise became the highest-paid executive in the United Kingdom in 2019 when she paid herself a record of 323 million pounds. This includes a 92.5 million pound dividend, and 277 million pounds in terms of annual compensation. Over the past fiscal year, the company’s net profits grew by 18%, which is part of the reason why Coates pay has also risen significantly.
In fact, her take-home salary has risen from single millions to hundreds of millions over the past decade. As such, she’s become the fifth most wealthy woman in Britain with 7.1 billion pounds, one spot above Salma Hayek.
During her rise to prominence, she’s received numerous awards and honours. At the beginning of 2012, she was appointed as a Commander of the Order of the British Empire, and later on in the year, she received a doctorate degree from Staffordshire University. In 2013, she made the list of the 100 most powerful women in the U.K. as named by BBC radio. Last year, Denise was inducted into the sports betting hall of fame for her lengthy record of outstanding leadership in the industry.
How Did Bet365 Become an Industry Leader?
Denise Coates leveraged the rise in popularity of online wagering when she struck a deal to secure financing that would solidify the first round of funds that kicked off the first steps of Bet365 as a major player in the world of sportsbooks. She borrowed 15 million pounds from the RBS, using the family’s existing assets that they owned during the development of father Peter Coates line of betting shops.
These funds were sufficient to create the scaffolding for a complete sports betting platform online, including a trading team that facilitated the launch of the Bet365 site in March 2001. Turns out that Coates was bang on when it came to the demand for online sports betting. Incredibly, Bet365 was able to sell its complete chain of brick and mortar betting shops to Coral for 40 million pounds, paying off the loan in full and solidifying its profitable online business model.
Online wagering would continue to rise, and Bet365 was there to evolve alongside consumer preferences. As of March 2018, statistics showed that 52.56 billion pounds of wagers flowed through Bet365 servers. The company pulled in more than 2.9 billion pounds of revenue and employed more than 4,600 people during 2019. According to Alexa, the Bet365 website is ranked within the top 200 of all websites, a massive achievement in the internet age.
Denise Coates, as a joint chief executive, continues to run Bet365 and is the majority shareholder with 50.1% of ownership. Her brother John, another joint chief executive, runs the business alongside her, with her father Peter holding the position of chairman.
Bet365 One of the Best Rated Sites Over the Past Decade
Certainly, the number of wagers placed through the Bet365 service is proof of how regular players respect the site. Many fans are drawn to the site by the plethora of betting offers listed. However, the number of awards earned by Bet365 over the past decade from industry sources also stands out.
In 2019, the site collected its sixth consecutive award for the sportsbook of the year from the SBC awards. These particular awards feature more than 40 judges who determine winners in a variety of categories, including sportsbooks and online casinos. Prior to this streak, Bet365 was judged to be the most influential sportsbook in the top 50 power listings published by the eGaming Review between 2010 and 2012.
The combination of player popularity and respect earned from industry sources make Bet365 one of the most successful in the world after two decades in operation.
Coates Donates to Coronavirus Fight
Denise decided to join the fight against coronavirus with a sizable donation to the University Hospitals of North Midlands charity through her own foundation. A total of 10 million pounds was made available to researchers, hospital staff, and patients, including funds for a wide variety of community initiatives that will help people recover from the virus quicker.
By injecting funds into the system, she became one of the most recent executive figures to donate a chunk of their fortune to combat the pandemic. Over the upcoming months, these donations will prove to be a vital part of eventually returning to a new normal before a traditional vaccine is available.
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