Bet365 Founder Denise Coates Takes Home a $648 Million Paycheck

Bet365 founder and joint CEO, Denise Coates broke the internet when reports indicated that she received a mind-blowing pay pack of £469 million ($648 million) in 2020. She already holds the positions of UK’s highest-paid woman and its highest-paid executive (2018 and 2019), and these mouth-watering figures could make her the most well-compensated person in British corporate history. She may be on the verge of becoming the highest-paid executive in the world if she keeps on with this streak.

According to Bet365’s annual account, Coates received £421 million ($582 million) as her salary in 2020 which is a new record for her. In 2019, she took home £277 million ($383 million).

Since she owns 50.1 percent of the company, she will receive a further £48 million ($66 million) in dividends.

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Considering the latest figures, she already earns more than just about anybody in the UK. Her latest salary puts her earnings around £237,348 ($328,276) per hour which is £3,955 ($5,470) per minute.

Over the past four years, Coates has raked in almost $1.3 billion in salary which is a big number for any executive. She ranks in the fifth position in the list of the UK’s richest women.

Critics aren’t happy with the amount of money Coates has to throw around. They have consistently argued that her wages were way more than any individual would spend in their lifetime. But that doesn’t seem to change anything

With such huge wages come big taxes and unlike some super-rich people, she is prepared to take on the taxman.

The Coates family is currently UK’s biggest taxpayer. In 2019 alone, the family contributed over £500 million ($691 million) in income and corporation tax.

With such huge amounts in taxes and wagers, it comes as a surprise that the family is a donor to the Labour Party. In the last election, the party had to push forth ideas towards taxing the rich and imposing tighter restrictions on the gambling industry.

The family is also involved in charity work or more precisely Denise Coates donated £85 million ($117 million) in 2020 through the Denise Coates Foundation.

Currently, Coates seems to be the highest-paid executive in the world, but that’s because the results for other leading contenders are not yet in. Also, there are executives that their earnings are likely to be kept private.

There have been reports that billionaire Elon Musk also ranks as one of the best-paid executives of 2020. Unlike Denise, he doesn’t receive a salary; rather, he is compensated via stock options which are based on a performance-based rewards plan.

This could mean he raked in earnings of over $500 million in 2020, however, there is no official statement to verify this.

What’s more shocking is that one of the top CEOs in the world is nowhere close to receiving such outrageous amounts as Coates does. Amazon founder Jeff Bezos holds the title of the world’s richest man with an estimated worth of over $200 billion, however, that is tied up in Amazon shares. His actual salary comes pretty low at around $80,000

Other top executives don’t even come half as close as Denise. Alphabet (Google) CEO Sundar Pichai is just below the halfway mark as he is expected to earn around $200 million. Microsoft boss, Satya Nadella earns a modest salary compared to Pichai which comes at $44.32 million.

The closest executive to Coates is another Brit, the hedge fund billionaire Sir Chris Hohn who paid himself a whopping £343 million ($474 million) last year.

According to Forbes, which is a reputable source for all things on wealth, the celebrity with the highest earnings in 2020 was Kylie Jenner who bagged a total of $590 million.

This falls below Coates earning by almost $60 million. While Coates seems like a big earner today, things haven’t always been this luxurious. Her rise to such great heights is one of the interesting success stories ever told.

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