Denise Coates is a British billionaire businesswoman and the founder, majority shareholder, and joint chief executive of Bet365, one of the world’s largest online gambling companies.
Born on September 26, 1967, she earned a first-class degree in econometrics from the University of Sheffield.
Coates transformed her family’s bookmaking business into a multibillion-dollar enterprise, launching Bet365.com in 2001.
She is known for being one of the highest-paid executives globally, with a significant portion of her income coming from salary rather than dividends.
Early career
Coates began her career in the family business, Provincial Racing, while she was still at school.
Working in the cashiers’ department gave her hands-on experience with the day-to-day operations of a bookmaking firm.
After completing her secondary education, Coates pursued higher education, earning a first-class degree in econometrics from the University of Sheffield.
Following her graduation, Coates returned to Provincial Racing and took on a more significant role.
In 1995, she became the Managing Director of the company.
Under her leadership, Provincial Racing expanded its operations and became more profitable.
Transition to online gambling
In the late 1990s, Coates recognized the potential of the internet to revolutionize the betting industry.
She saw an opportunity to move beyond traditional brick-and-mortar bookmaking and into the rapidly growing online market.
This vision led her to purchase the domain name Bet365.com and launch the online betting platform in 2001.
To fund the venture, she mortgaged the family’s betting shops, a bold move that would eventually pay off as Bet365 became one of the largest online gambling companies in the world.
Coates’ experience in the family business and her leadership at Provincial Racing provided her with the skills and insights necessary to successfully transition into the online betting market with Bet365.
Founding Bet365
Bet365 was launched in March 2001 from a portable building in a Stoke-on-Trent car park.
To fund the venture, Coates borrowed £15 million from the Royal Bank of Scotland against her family’s betting shop estate.
This bold move was a significant risk, but it provided the necessary capital to develop and market the online platform.
In the early years, Bet365 focused on developing a robust online platform that offered a wide range of betting options, including sports betting, casino games, poker, and bingo.
The company’s strategy involved leveraging technology to provide a user-friendly interface and competitive odds, which helped attract a large customer base.
By 2005, Bet365 had paid off its loan by selling its betting shop chain for £40 million to Coral.
Bet365 success
Bet365 has consistently invested in cutting-edge technology to enhance its platform.
This includes developing mobile apps, live streaming services, and advanced betting tools.
The ability to innovate and adapt to changing consumer preferences has been crucial in maintaining its competitive edge.
Additionally, Bet365 has expanded its operations globally, offering services in multiple languages and currencies.
Bet365 has also been involved in significant marketing and sponsorship deals, including partnerships with major sports teams and events.
Furthermore, the company has been proactive in ensuring regulatory compliance across different jurisdictions.
Bet365 has received numerous awards and recognitions for its achievements in the online betting industry.
The company has been named Operator of the Year and Bookmaker of the Year at various industry events.
Its revenue has reached over £3.4 billion annually, solidifying its position as a leader in the online gambling sector.
Denise Coates salary and net worth
Notably, Coates is the highest-paid CEO in the UK.
In the year ending March 2024, she earned a total compensation of £158.7 million, which included a salary of £94.7 million and dividends of approximately £64 million.
In 2024, Coates took a 45% pay cut, earning £94.7 million, down from £220 million the previous year.
Despite this reduction, she still received over £150 million when including dividends.
Coates’ compensation remains among the highest globally, surpassing that of many prominent CEOs, including Apple’s Tim Cook.
As for her net worth, Coates is estimated to have a personal wealth of nearly £8 billion, with her family’s combined net worth around £7.5 billion to £8 billion.
Her wealth is largely attributed to her majority stake in Bet365, which has become one of the largest online gambling companies worldwide.
