Bet365 boss takes pay cut amid US-driven growth
According to Bet365’s latest financial report for the year ending March 2024, the Chief Executive Officer of Bet365, Denise Coates, took a significant pay cut year-on-year. Coates received £94.7 million (US$118 million) compared to £221 million (US$277 million) the year prior. However, Coates also got £63 million (US$79 million) in dividends from Bet365.
Meanwhile, the company announced a pre-tax profit of £596.3 million (US$747 million) for the year, compared to losses of £72.6 million (US$91 million) the year prior. Bet365 was boosted in the period April 2023 to March 2024 by many successful launches of its online sportsbook in US states. Revenues for Bet365 increased to £3.72 billion (US$4.67 billion), a rise of 9% year-on-year, with betting revenue up by 11%.
“During this period, the group has continued to invest significantly in its American platform and has successfully launched regulated products in the states of Arizona, Iowa, Indiana, Kentucky, Louisiana, North Carolina, and Pennsylvania,” Coates said in the report release. Bet365 is also available in Colorado, New Jersey, Ohio, Pennsylvania, and Virginia.
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