Bet365 Owners Ranked as the Third-Highest UK Taxpayers in 2023-24

In its latest fiscal year to March 2023, bet365 experienced a loss-making year, despite rising revenues.

The founding family of British betting giants, bet365, have been listed as the third-highest UK taxpayers in 2023-24 by the Sunday Times. Denise and John Coates are the chief owners of the Stoke-on-Trent-based brand that’s taken the online sports betting and casino gaming scene by storm since 2000.

The firm has come a very long way since it was launched in a portacabin around the turn of the millennium. Within 12 months, bet365’s inaugural online sports betting platform was unveiled, before selling its high-street betting shop chains in 2005.

Fast forward to the present day and bet365 is generating revenues of £3.39 billion, with £2.65 billion raked in through sports betting. However, it must be noted that the company’s online casino revenues are on the rise too, growing to approximately £715 million last year. Bet365 is considered to have one of the most competitive casino promotions for new players by, which rates the best sign-up bonuses, such as wagering requirements and win limits, based on their fairness and transparency.

Two British bookmaking brands are in the top five

There was another British bookmaker that made the top five British taxpayers in 2023-24. Warrington-based Betfred, led by Fred and Peter Done, were ranked close behind the Coates family in fourth place.

In total, the contribution of bet365 and Betfred to the UK Treasury amounted to £580.5 million, with the Coates family footing £375.9 million.

Both businesses paid more tax than the likes of magnate, Sir Tim Martin, as well as vacuum and household innovator, James Dyson and family. Other notable names in the top ten list included the Weston family, which owns iconic brands like Twinings, Primark and Silver Spoon.

An overview of bet365’s 2023 fiscal year

In its latest fiscal year to March 2023, bet365 experienced a loss-making year, despite rising revenues. That’s because the firm had recently concentrated heavily on entering a string of new iGaming and online sports betting markets in the United States, as more regulatory frameworks continue to emerge from state-to-state.

The company also made a move into Canada, securing a licence to serve the province of Ontario, having initially watched from the sidelines after the launch of the Ontario market in 2018.

Despite a loss-making year for bet365, CEO Denise Coates is said to have pocketed a staggering £270.7 million. Coates received £220.7 million by way of salary, followed by a further £50 million in company dividends. Coates’ salary dwarfs the chief executives holding down jobs with major FTSE 100 corporations. Even Wall Street’s highest-paid CEO, Blackstone’s Stephen Schwarzman, is paid approximately £199 million.