By Lucy Caulkett-
The co-founder of online gambling firm Bet365, Denise Coates, has received a huge pay rise to £265m, including dividends. Evidence from the firm’s accounts reveal compensation for the firm’s “highest paid director” rising to £265m including dividends.
The figure is £48m higher than the total she received in 2017, reflecting the ongoing growth in the gambling industry.
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The privately held company is jointly owned by Ms Coates and members of her direct family is raking in serious profits that set them apart from many other propserous businesses. Among the joint owners of the business are her brother John who is joint chief executive, and her father Peter, the firm’s chairman. Last year Ms Coates’ pay and dividends were reported to total £217m. The stinking rich boss enjoyed a rise in her basic pay from £199m to £220m, makig her one of the richest bosses in Britain.
The firm paid out £90m in dividends in the same year, half of which are thought to have gone to Ms Coates, as the owner of half of Bet365’s shares. The gambling industry has been under severe criticism for doing to little to address the problerm of gambling addicts.
A report from the Gambling Commission today revealed that inr the past 12 months, 39% of 11-16 year olds have spent their own money on gambling and 14% in the previous week. Young people who have gambled in the past week spent an average of £6% had gambled online using a parent or guardian’s account.
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60% of young people think their parents would prefer them not to gamble at all, however only 19% said their parents set strict rules about gambling. The survey found thaty the rate of gambling among young people was 14%, higher than that of alcohol (13%) , smoking cigarettes(4%) and illegal drugs(2%). The Gmabling Commission recently fined the Rank Group £500,000 fine after a manager tried to persuade a gambler who had lost £1m of betting winnings to return back to gambling, against company policy that require managers to give gamblers with a problem a clean break.
The Eye Of Media.Com have presented the Rank Group with a freedom of information request to identify the manager in question, and state the action they took following the misconduct.
Ms Coates earned a first class degree in econometrics – the application of statistical methods to economic data – from Sheffield University before joining the High Street betting firm, run by her father. The business entrepreneur invested in the domain name Bet365.com- the most financially rewarding decision she ever made.
Photograph: Forbes.com
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