Bet 365 CEO Is UK’s Highest Tax Payer
Staffordshire-based gambling giant, Bet365, has contributed £481.7 million to the public purse in just twelve months. Its founder, Denise Coates, topped the list of highest taxpayers in the country ahead of hedge funds and retailers. Coates is the number one with hedge fund manager Chris Rokos second and JD Sports’ Stephen Rubin third.
This is the third year in a row that Coates has been the UK’s highest taxpayer according to The Times Tax list . There are eleven individuals and families whose tax contributions to HMRC for 2021 have been in excess of £100 million. In 2020 the Coates family paid, even more, when their tax bill was a staggering £573 million. However, the amount paid in 2021 is still £180 million more than anyone else. Chris Rokos, the hedge fund manager paid £300 million and Steve Rubin £256 million. Of the eleven names listed two derive their wealth from the gambling industry. Fred and Peter Done of Betfred contributed £169.8 million to The Exchequer. These eleven individuals or families paid over £2052.5 million in tax in 2021, and the gambling industry is responsible for 35% of the top tax revenue.
Coates graduated with a first-class degree from Sheffield University and returned to her home town of Stoke on Trent where her father owned a chain of betting shops. They initially expanded the chain but she realized that the future for gambling was online. She purchased the 365.com domain name from eBay for USD $25,000. The chain of stores was mortgaged and the money was invested in technology and online development. Stoke on Trent had been ravaged by industrial decline with loss of jobs in manufacturing and mining. Bet 365 started out from a portacabin in a carpark in this Staffordshire town. It has created over 5,000 jobs many of which are at graduate level. While the average salary of over £50,000 paid to its employees is a far cry from that of the CEO it is definitely much higher than the UK average for a fulltime position. Denise Coates paid herself £421 million last year which is the highest annual pay packet in British corporate history.
Back in 2012 Coates was awarded a CBE for services to the community and business. She is known by the nick name ‘patron of the potteries’ because she kept the business in her hometown and created well-paid jobs. She rarely gives media interviews. International Women’s Day in 2019 published a series of quotes from inspirational women including this one from Coates “The more grateful we feel, the more things we receive to feel grateful for”
The UK online casino industry is one of the most successful in the world with many businesses innovating in a similar way to Bet365. Online casinos and sportsbooks over the players the chance to place a bet or play their choice of games from the convenience of their own home on smartphone or PC. Punters are attracted to the variety of games and possibilities to place a bet on a wide range of scenarios. There is so much choice that it can become overwhelming so many people like to be helped to find the best UK slot sites by using online advice sites which do the research for them.
Many people found that they had extra time on their hands during public health restrictions which were enforced due to the Covid 19 pandemic. Online gaming and gambling was a beneficiary of people have restrictions placed on their social lives and being required to either work from home or be furloughed without any actual work to be done. The inflow of revenue to The Exchequer must be very welcome as The Chancellor, Rishi Sunak, tries to balance the books. There is a rather nice circular economy in play here when we can see an industry that kept people entertained at a difficult time has also contributed massively in terms of tax revenues.
