Big year for bet365
bet365 founder and co-CEO Denise Coates
At the end of last week, bet365 reported it’s 2014 profits. The result did nothing to change the company’s reputation as one of online gambling biggest success stories.
They posted an operating profit of £320 million, up a lazy 80% on the previous year’s £180 million. This is for the year to 31 March 2014 so doesn’t include all this year’s World Cup betting action which will presumably bump things up further next year!
Great news for bet365. Stellar news for its shareholders, particularly the Coates family. Reassuring news for Stoke City F.C. Welcome news for the city of Stoke-on-Trent whose economic prospects seem to be increasingly reliant on the fortunes of this not-yet-15 year old private company that took on an extra 300 staff during the year to take their headcount to around 2,600, the majority of whom are employed in North Staffordshire. They are easily the city’s largest private sector employer.
Not such great news for punters though! It’s stating the obvious to say that bet365’s gains are our losses.
Bet365 are first and foremost a sports betting company, so the bulk of this revenue would be from sports bets. Total betting handle for the year reached a staggering £26.5 billion. But no doubt their live dealer games have also contributed handsomely to the kitty.
If you’re up then good on you, and continued success. If you’ve given more than you’ve taken off the tables over the last year then you may be interested to know where your money has gone.
Denise Coates has taken most of it. By virtue of her majority shareholding she pocketed £48 million out of a total £85 million in dividends paid to Bet365 directors last year. Forbes added her to their billionaires list this year with an fortune estimated at $1.6 billion (£930 million).
Co-CEO and brother John Coates, as one of the company’s other major shareholders has also done very well for himself as has father Peter Coates.
Stoke City F.C. , purchased by Peter Coates in 2006 have also seen their fortunes improve, having managed to reduce annual losses from £31 million to just £5 million. It helps to have deep pockets in your corner!
Before you throw up all over your computer screen, let me give you some good news.
Some of your losses will find their way into the hands (or stomachs) of those less fortunate than the Coates family or Stoke City F.C. players.
Denise Coates has set up The Bet365 Foundation, a charitable foundation that supports around 20 organizations like Oxfam and local cancer agencies.
The foundation will receive a whopping £105 million distribution from company profits.
Feel a bit better about your donation now?
No.
OK.
I met a dozen bookmakers, but none of them is as good as bet365, great odds, impeccable service, prompt payments. I’m sure that the success of a company depends on its managers. The whole family Coates worked for many years on its success and I have to be honest it comes to them very well. From the moment when the company took Denise Bet365 works better and better and the company receives more awards and distinctions, which in turn attracts customers. We can only congratulate them