Bet365’s CEO Denise Coates’ UK Taxes Shows Gambling Benefits to UK Economy

Posted on: January 28, 2022, 07:30h. 

Last updated on: January 28, 2022, 01:23h.

Erik Gibbs Read More
Expertise: Asia Pacific Gaming, Gaming Business, Global Gaming.

The Sunday Times Tax List, the annual breakdown of the UK’s top taxpayers prepared by The Times, is ready. Topping the list of those who pay the most is Denise Coates, head of gambling operator bet365.

Denise Coates
Denise Coates, the head of gaming operator bet365, displaying her Commander of the British Empire medal. She is at the top of the list among UK taxpayers for the third year in a row. (Image: The Independent)

The Times prepares an annual list of the top 50 taxpayers. There are several names that have repeatedly made it in the top 10. But bet365’s Denise Coates has been at the top for three years running.

The Coates family contributed £481.7 million (US$646.68 million) in taxes to the UK last year. This was just under $268.44 million more than the second place on the list, occupied by Chris Rokos. The hedge fund manager contributed $402.66 million.

This is a stronger Tax List than last year’s – which will be good news for the chancellor. The total take is up by more than £500m ($670.85 million),” stated The Times’ Robert Watts.

Although the Coates family retained its top spot on the list, its tax bill dropped in 2021. It paid $768.96 million a year earlier.

Time to Fix a “Broken” Tax System

The total taxes paid to the UK by just the top 50 taxpayers increased to $5.96 billion last year – $683 million more than a year earlier. However, according to some, the tax system is “broken” and the wealthy get off easy.

The head of The Institute for Public Policy Research’s (IPPR) center for economic justice, George Dibb, asserts, “[Today,] it’s just too easy for some of the richest people in the country to pay little to no tax at all.” Although it’s hard to imagine someone putting a $646-million tax bill in that group.

Dibb and the IPPR have been campaigning for a wealth tax and a re-work of the country’s tax structures. So far, they haven’t found much support from lawmakers.

Part of the group’s concern is that the Top 50 list doesn’t include some of the richest people in the country. For example, it points out Sir Len Blavatnik makes the list of the richest with his $30 billion fortune. However, his name is nowhere to be found among the 50 with the biggest tax bills.

Gambling Makes a Few Top-Tax Bill Appearances

Coates is now worth approximately $10.7 billion, according to The Times. This is due, in part, to the annual salary she receives at bet365. Last year, that was $564.4 million.

The year before, it was $648 million. Coates has appeared at the top of the tax list several times as a result of her revenue.

Coates isn’t the only gambling-related individual to be on the list or to be among those with the biggest tax bills. Fred and Peter Done of Betfred are in fifth place from their $228-million contribution.