Denise Coates of Bet365 Slips to Third in UK’s Top Taxpayer Rankings

Gambling Industry Magnates Among UK’s Elite Tax Contributors

In the latest rankings by The Times, Denise Coates, the founder of Bet365, has experienced a slight dip, positioning her as the third top taxpayer in the UK. Meanwhile, Betfred’s Fred and Peter Done have ascended to the fourth spot, highlighting the significant financial contributions of key players in the UK gambling industry.

Bet365’s Leadership in Tax Contributions

The Coates family, including Bet365’s executives, Denise, John, and Peter Coates, collectively paid £375.9 million in taxes, a decrease from the previous year’s £460.2 million. Despite the drop, they maintain a prominent position in the list, reflecting their substantial economic impact in the UK.

Denise Coates: A Trailblazer in the Industry

Denise Coates, renowned as the UK’s richest self-made woman, launched Bet365 from a modest beginning in Stoke-on-Trent. Her staggering personal remuneration of £220.0 million in the last year underscores her influential role in the global gambling sector.

Betfred’s Rising Position

Fred and Peter Done, who transformed their father’s legacy from an illegal bookmaking venture into the legitimate and thriving Betfred, have climbed to fourth in the rankings. Their increased tax payment of £204.6 million, up from the previous year, signals their growing prominence in the industry.

XTX Markets Founder Leads the List

Topping the Times’ Tax List for the second year is Alex Gerko, founder of XTX Markets. His contribution of £664.5 million highlights the diverse nature of top taxpayers in the UK, encompassing various industries beyond gambling.

Bet365’s Financial Performance

Despite Bet365’s strong presence on the taxpayer list, the company reported a £61.2 million loss in its 2022-23 financial results, contrasting with the previous year’s profit. However, the firm saw a notable increase in sports betting and gaming revenue, indicating resilience in its core business areas.

Betfred’s Financial Growth

Betfred’s latest financial figures for 2021-22 showcase a robust 38.8% rise in gross profit, reflecting the company’s strong performance and contributions to the UK economy. This growth is further emphasized by a significant increase in total wagered amounts and net profit.

Conclusion:

The presence of gambling industry leaders like Denise Coates of Bet365 and Fred and Peter Done of Betfred in the UK’s top taxpayer list underscores the sector’s substantial economic contributions. Despite fluctuations in personal rankings and business performances, these figures play pivotal roles in the UK economy, highlighting the gambling industry’s impact on national fiscal health. As these companies navigate the challenges and opportunities of the market, their continued influence and contributions remain key to the UK’s economic landscape.