Bet365 CEO Now Highest Paid In The UK
Denise Coates, Bet365’s joint CEO, is now officially the highest-paid Chief Executive Officer in the UK. Coates, who shares the role of CEO with her brother John, currently takes home £265 million (approximately NZ$500million) annually, including dividends.
But Coates has certainly not achieved this particular feat sitting around and doing nothing. This is quite apparent when considering the gigantic growth experienced by the UK’s top sportsbetting operator during the last couple of years.
The operator recently disclosed the levels of performance achieved by its major assets, and its successes have been nothing short of astounding.
It’s An All-Round Improvement
As for gross profits, the company has reported profits to the tune of £2.45 billion for the 12 months ending March 25th, 2018. This figure marks a 24% year on year increase, which is of itself a major achievement. What’s more, operating profit grew by a stunning £100 million, bringing the total operating profits for the year to £660.3 million.
Sports and gaming revenue saw a year-on-year increase of 26%, with a 33% growth rate as far as operating profits for these particular sectors are concerned, acting as the cherry on top.
More Players Equals Better Income
Coates has released her strategic report for the year, and outlines a number of key elements that she considers to have been functional in the rapid growth experienced by Bet365. Of these, the company’s growing of its mobile functionality by means of the release of its Bet365 range of apps for Apple devices, as well as improved player retention, stand out as most prominent as well as being major catalysts for future growth.
The CEO also discussed the improved player retention experienced by the operator. She puts this down to 332 new games now on offer. The company’s figures received a big boost by the increase in wagers placed on sports events as well as standard casino games. This caused the number of active players to rise by 4%, which is of course the driving force behind any operator’s success, because without an increase in the number of players making use of the betting and gaming services, there can never be any talk of significant growth.
Coates is obviously doing something right and we’re convinced that the operator will agree that her remuneration is money well spent.