Bet365’s CEO Is Highest-Paid Executive Ever at $422 Million
The CEO of bet365, Denise Coates, gave herself the largest yearly compensation in business history.
The private company’s filings, which were revealed by The Guardian, showed that Coates was paid a total package of $422 million from March 2018 to March 2019. Here’s a rundown of her compensation the past four years, during which she’s made $1.2 billion. Coates also owns slightly more than 50% of the company:
Coates worked her way up from the cashier’s department to running all of her family’s over-the-counter betting businesses. After acquiring an additional betting establishment, she bought bet365.com on eBay in 2000 for $25,000, convinced online gambling was going to be the next big thing.
Coates eventually sold off her family’s original establishments in 2005 for $50 million after it became clear bet365 was going to be a success.
With bet365, Coates also made the gamble on live betting. Bet365 became the first site to offer streamed soccer matches that could be bet on in the same screen.
Today, bet365 is the second largest sports gambling company in the world, with 15 million customers. It registered $1 billion in profits, according to the recently obtained financials, on $85 billion in wagers. Bet365 opened its first U.S. operation in August when it unveiled its app in New Jersey.
The company also owns Stoke City F.C., which was in the English Premier League for 10 seasons before being relegated last year.
The highest paid U.S. executive in 2018 was Discovery CEO a David Zaslov, who pulled in $129.4 million in total compensation.
In 2018, Tesla gave founder Elon Musk nearly $2.3 billion in stock, but the company said it counts as $0 because it would only vest on valuation targets not reached.