Bet365 Net Worth
According to the Australian Government, Aussies dropped $209 billion on the punt during the 2016/2017 year, averaging almost $11,000 per person. Of that, a staggering $4.37 billion was lost on racing and sports betting alone, with a myriad of betting companies evidently frolicking in the pits of cash to be made. Front and centre in Australia is the giant Sportsbet.com.au, purveyor of endless bonus bets, sketchy multi deals and ripper Facebook chat. We took a look at their rise from dingy back-office bookies to a company that has over 688,000 members and makes 1.1 billion price changes per year.
Ms Coates, a former betting cashier who previously worked for her father’s betting company, started Bet365 in 2001 in a temporary building in a carpark after graduating from Sheffield University. Shareholder of bet365: Net worth: £750 million (2014) Spouse(s) Deirdre: Children: 4, including Denise Coates and John Coates. REAL TIME NET WORTH. John Coates is the co-CEO of U.K. Company Bet365, one of the world's largest online gambling businesses. He joined his billionaire sister and co-CEO, Denise. One of the world's leading online gambling companies. The most comprehensive In-Play service. Deposit Bonus for New Customers. Watch Live Sport. According to the Forbes list of billionaires, Ms Coates has a net worth of $12.2bn. Bet365 has consistently outperformed rival listed companies despite rising pressure on the business as.
Believe it or not, locking in the winner of an amateur Ugandan badminton semi-final as the last leg of your multi wasn’t always easy. Back in 2005, when Matthew Tripp picked up Sportsbet for a sum of $250,000, things were done a little differently. The nation’s beloved agency was then operating out of Darwin and on the verge of bankruptcy. The eight-strong team, made up of an IT technician and a few phone operators, has grown exponentially with the company’s success – reaching 250 staff in 2011 and on to over 700 based in Australia today.
Sportsbet, with Tripp at its helm, is largely credited for making gambling mainstream in Australia. The key to its rapid growth was the introduction of technology to simply make betting that much easier. At a time when face-to-face bookmaking was tapering off, Tripp was an early adopter of the massive movement towards app-based and online betting.
For example, in the 10 years between 2001 and 2011, the amount wagered on horse racing via phone and internet increased 600% from $625 million to $3.71 billion, while face-to-face bookmakers’ turnover halved from $1.2 billion to $610 million, according to The Australian.
Technology also allowed Sportsbet to rapidly expand the number of betting markets it offered, as algorithms and analysts took over from pen and paper. The options are seemingly endless, with over 250 betting options on a single game of AFL not being uncommon.
In 2017, Sportsbet’s Chief Commercial Officer claimed their underlying infrastructure was capable of handling up to 400 bets per second, although Melbourne Cup day the following year saw the platform mauled to such an extent that Sportsbet spent most of the event in the stables.
In an interview with The Australian, Tripp said “You name it, we’ll bet on it. If we get a request to make a market on something, as long as it’s regulated and legitimate we’ll attempt to do so.” As most know, this isn’t an exaggeration – punts are possible on thousands of sporting and racing outcomes, as well as novelties like winners of reality TV shows and who’ll sit on the Iron Throne at the end of Game of Thrones Season 8.
Arguably, the pinnacle of Sportsbet’s coverage of markets came in 2015 when they offered odds on how the world will end, with an ice age a ‘hot’ favourite at $11 and a global drought running a close second at $16.
Tripp quotes differentiation as another key to the company’s success. He is widely acknowledged as being the pioneer of catchy schemes like money-back specials and ‘justice refunds’, where losers are refunded their bets in the event of ridiculously unlucky circumstances. Their latest act of goodwill came this Monday when they refunded all bets placed on the Aussies to win the third Ashes Test, after God himself possessed Ben Stokes to knock 135 runs (76 with one wicket in hand).
Aggressive marketing played an enormous role in Sportsbet’s success, especially considering how crowded the online bookie space is. After his acquisition of the company, Tripp was able to secure exclusive advertising deals with Seven and Ten networks during sporting events when sports betting was beginning to penetrate the mainstream market. A pivotal High Court ruling in 2008 allowed the firm and others based in the Northern Territory unbridled permission to advertise in the more populous eastern states, thus allowing their marketing divisions to run rampant.
Since then, things have seemingly spiralled out of control, as the ABC found that between January 2013 and June 2018 Sportsbet paid more than 1,500 entities a combined sum of $490.5 million in marketing and promotional endeavours.
In May 2009, just four years after he snapped it up for $250,000, Tripp offloaded a 51% share in the company to Irish bookmaker Paddy Power for an estimated $200 million. Two years following that, Paddy Power acquired a further 39.2% share for $132.6 million, effectively placing Sportsbet at a value of $338 million.
Today, Sportsbet is powering along. In its 2018 Annual Report, the company reported an underlying operating profit of roughly $215 million and revenue of roughly $740 million. However, it hasn’t all been smooth sailing, as the company has since footed a $40 million bill in the form of newly-introduced point of consumption taxes across most states this year.
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Bet365 boss Denise Coates’ staggering latest salary has been revealed. Picture: Alex Severn/Bet365/PASource:AAP
Denise Coates paid herself a whopping $A617 million last year – meaning her salary was more than 2000 times higher than UK Prime Minister Boris Johnson’s.
The co-founder of online betting juggernaut Bet365 is officially Britain’s best-paid boss for yet another year, according to her company’s newly-released annual report.
Ms Coates took home a total of £323 million ($A617 million) in the company’s financial year to March, including a base salary of £277 million ($A529 million) and more than £46 million ($A88 million) in shareholder dividends as a result of her 50 per cent ownership of the firm.
The 52-year-old, who helped launch Bet365 in the early noughties, has an estimated net worth of $12.2 billion ($A17.8 billion), according to Forbes.
That makes her richer than the prime minister of England, Richard Branson and even the Queen.
Her most recent annual salary was £57 million ($A109 million) more than the previous year.
Bet365 boss Denise Coates is richer than the Queen. Picture: Alex Severn/Bet365/PASource:AAP
The company’s overall revenue also increased by 7 per cent to £3.06 billion ($A5.8 billion) and pre-tax profit soared by a fifth to £791 million ($A1,510,386,815).
According to the UK Guardian, Ms Coates made the equivalent of $A2.48 million per working day in 2018 – a sum that is “9500 times the average UK salary”.
However, Bet365 also donated $A190 million to a slew of charities including Oxfam.
WHO IS DENISE COATES?
Despite her unbelievable fortune, Ms Coates is relatively unknown in the UK and around the world.
She lives a quiet life with husband Richard in Cheshire in northwest England and the couple’s five children, four of which were adopted from the same family in 2014.
They are believed to live in a luxurious farmhouse, and Ms Coates is known to drive an Aston Martin with personalised licence plates.
Ms Coates, a former betting cashier who previously worked for her father’s betting company, started Bet365 in 2001 in a temporary building in a carpark after graduating from Sheffield University with a degree in econometrics and buying the Bet365.com domain on eBay for £19,000 ($A33,417).
She suspected online gambling would become the next big thing – and today, along with brother John and father Peter, the family has a multibillion-dollar fortune as a result.
But Ms Coates’ massive wealth has attracted its fair share of controversy.
BETTING BACKLASH
The revelation of Ms Coates’ obscene pay has been slammed by members of the public, who have questioned the fairness of fat CEO salaries as everyday workers struggle to get by.
Social media users took to Twitter to attack Ms Coates’ pay, describing it as “pathetic” and “sickening”.
Sickening.
Denise Coates paid herself over quarter of a billion pounds, with money obtained in part from addicts in tens of thousands of pounds in debt.
I guarantee that they didn't donate an equal amount to gambling addiction charities.
https://t.co/NqSKatunNW
how can a company pay anyone that sort of salary? pathetic
— J.A.W 🇬🇧 (@ScarletzCaptain) December 18, 2019Last year, when Bet365 boss Denise Coates paid herself £265 million, the company as a whole paid just £78 million in tax on profits of £682 million.
She's not making money. She's taking it.
The fact that Bet365’s accounts were only revealed yesterday also caused some to question whether they were intentionally delayed until after the UK election, as failed candidate Jeremy Corbyn had vowed to crack down on the uber-wealthy if he took power.
Luke Hildyard, a prominent critic of excessive CEO pay in the UK, toldThe Guardianthat Ms Coates’ salary was unfair.
“This looks like cynical timing, sneaked out straight after a general election campaign where excess wealth, taxes on the rich and the vast gap between those at the top and everybody else have been key issues,” he told the publication.
“It’s important that wealth and how it’s created and shared are properly debated.
“But the publication of these figures seems designed to avoid scrutiny, suggesting that even Bet365 recognises that. While business success should be rewarded, such a colossal payout goes far beyond what is fair or proportionate.”
Online gambling website Bet365 has become a global powerhouse. Picture: Paul Ellis/ AFPSource:AFP
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Bet365 Net Worth 2019
Others also criticised the ethics of making billions from gambling, which causes addicts and their families significant suffering.
How Much Money Does Bet365 Make
In a statement published by The Mirror, UK parents Charles and Liz Ritches, who were inspired to start anti-gambling charity Gambling With Lives following the suicide of their son Jack as a result of his gambling addiction, said Ms Coates’ pay was “upsetting”.
“These companies know they are peddling addictive, potentially lethal products – as independent research confirms,” the statement reads.
Bet365 Net Worth Calculator
“Even (betting company) William Hill’s website warns that gambling addicts are four times more likely to have suicidal thoughts than the rest of the population. This is beyond immoral.”