Bet365 Reduces Its Executive Pay in Light of Losses
Last week, Gambling911.com reported on how Bet365 was really beginning to gain some serious market share in Ohio.
Blackmrprophet74, CPA on Twitter broke the news New Years Eve.
"In the state of Ohio, since the start of the football season, @bet365 OSB has started to achieve market cannibalization on #draftkings with respect to Handles excluding promo spend. Something to focus on if you are a $DKNG investor, still earning innings."
This is big news for Bet365, considering the tight competition in Ohio.
Another observation from Blackmrprophet74, CPA:
"Ohio, Nov 2024,@FanDuel was the clear leader over #DraftKings in all key metrics NGR 1.36X higher. Excluding hardrock and BETR, Year over Year, all vendors obtained NGR increase lead by @bet365 @BetMGM and #fanduel @ESPNBET massively cutback on Promo spend."
According to reports, Bet365 founder Denise Coates paid herself a £95.7 million ($120 million) and is also entitled to at least half of the £110 million ($137.8 million) dividend paid by the company.
And that's a pay cut. It was a 45 percent pay cut.
She has so far earned over £2 billion from bet365 – a business she saw transformed from a local chain to a global gambling juggernaut.
The Coates family took the 20th spot on the Sunday Times Rich List last year, posting a combined net worth of some £7.5 billion.
From GamblingNews.com:
In the prior fiscal year, bet365 encountered a few roadblocks, prompting the recent cuts in executive pay. To put things into perspective, the total money paid to the leadership was reduced from £304 million in the prior year to £124 million ($154 million).
The year ended March 31, 2024, for context, saw the company accumulate losses of £60 million before tax. Following the cuts, the company turned up £626.6 million ($784 million) in profit before tax for the year ended March 31, 2024. This means that the cut in executive pay contributed approximately a quarter of the difference.
In the meantime, bet365 reported other key metrics for the year ended March 31, 2024. The company’s total turnover for the period stood at £3.72 billion ($4.7 million), up 9% year-on-year. An overwhelming majority of this sum was comprised of bet365’s betting business, while its soccer business recorded a turnover of £23.8 million ($29.8 million).
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