Bet365 posts gross profits of £2.45 billion, as CEO Coates is revealed as highest paid UK boss.
UK gambling superpower Bet365 posted a gross profit of £2.45bn ($3.13bn) for the period ending 25 March 2018 – a significant 24% year-on-year increase.
Key figures (Year to 25 March 2018):
- Gross profit of £2.45bn (up 24%)
- Operating profit increased by over £100m to £660.3m
- Sports and gaming turnover up 26% to £2.72bn, with operating profit up 33% to £682m
- Amount wagered on sports and gaming up 12% to £52.56bn
- Active customers increased 4%
Denise Coates, joint CEO of Bet365, attributed the continued growth to investment in the mobile channel, and improved player retention. She also pointed out that no fewer than 332 new games had been added to the operator’s line-up over the course of the year.
The report also revealed that Coates is now the UK’s best paid boss, raking in an incredible £265m for the year, including dividends – that’s almost £726,000 per day! To put it in perspective, that’s about 27 times as much as Tim Cook, CEO of Apple.
Predictably, this record-breaking figure has already promoted criticism among some politicians, with the Guardian quoting Liberal Democrat leader Vince Cable as saying it was an “eye-watering pay package” and was “irresponsible and excessive”. Apparently, Cable went on to say:
“In any circumstance it is hard to justify, but more so given the money comes from people struggling with compulsive gambling,
“This is an industry body needing tighter regulation. We have started high-stake gaming machines. We now need to move into online gambling, and curbing the advertising around it.”
Luckily for the UK gambling industry, the Liberal Democrats now have about as much power in UK politics as the Monster Raving Loony Party.