UK’s richest businesswoman earned thrice as much as Apple CEO Tim Cook after 45% pay cut | Trending

Jan 09, 2025 04:29 PM Despite a 45% pay cut, Denise Coates, joint-CEO of Bet365, earned £158.7 million in 2024, outpacing most global CEOs. UK’s highest-paid woman took a 45% pay cut but still earned more than most global CEOs, said a report the BBC. Joint-CEO of gambling firm Bet365, Denise Coates, has retained her status as billionaire and UK’s highest-paid woman despite the pay cut last year. Denise Coates’ earnings reached an all-time high during the 2020 Covid pandemic as the online gambling sector surged(X/@BladeoftheS) In 2024, Coates earned £158.7 million in salary and dividends for the year, according to company filings. While her pay declined compared to previous years, her earnings still remain far ahead of most CEO’s like Apple’s Tim Cook, who earned £49.7 million in 2023 —less than a third of Coates’ total earnings. Her pay is made up of a £94.7 million salary along with £64 million in dividends derived from her 58% stake in Bet365. Her brother and co-CEO, John Coates, is the other shareholder in the £110 million dividend. Who is Denise Coates?The Coates family’s wealth, primarily derived from Bet365, is valued at nearly £8 billion, according to the Sunday Times Rich L. In 2000, Denise decided to mortgage her father’s betting shop chain to launch the online gambling platform alongside her brother. This bold move has over the years catapulted her to being called one of UK’s “most successful women”. Coates is among the best-paid executives in the world and holds a first-class degree in econometrics. She trained as an accountant in her family firm before taking over the family business. Under her, the company’s growth skyrocketed and it become one of the world’s biggest online gambling websites. Subsequently, her earnings reached an all-time high during the 2020 Covid pandemic as the online gambling sector surged. She earned a record £466 million in 2020 followed £300 million in 2021. Why the pay cut?Denise Coates’ pay cuts came amid a notable surge in Bet365’s financial performance. The company, which operates sports betting and gaming platforms and owns Stoke City, a Championship football club, posted a pre-tax profit of £596 million, supported a 9% rise in turnover to £3.7 billion. (Also read: Jeff Bezos set his salary at $80,000 at Amazon but made $8 million every hour.) Get Latest Updates on… See more News / Trending / UK’s richest businesswoman earned thrice as much as Apple CEO Tim Cook after 45% pay cut