This story was published more than 1 year ago.
This week it was revealed that the founder of online betting firm bet365 paid herself £265 million last year, the highest payout ever for a British business executive.
Denise Coates took the giant payout, which comes as a base salary of £220,004,000 as well as a dividend payout of £45 million from the shares that she holds. The amount comes to more than £726,000 per day, and is more than 9,500 times the average UK salary. She made more than 27 times that of Apple's Tim Cook, and 1,700 times more than the UK Prime Minister.
The payout was criticized by some as being excessive, citing greed as the key reason she took the money from her company. For her part, Coates cited that revenues were up 25% and operating profit was up 31%.
Speaking about his disgust of the payout, High Pay Centre Director Luke Hildyard said, "Why does someone who is already a billionaire need to take such an obscene amount of money out of their company? It is difficult to find a reason beyond pure greed.
"A payment of this size would be impossible to justify for someone whose business was in unquestionably life-enhancing products or services. It is doubly offensive when awarded to a betting company CEO at a time when problem gambling is spiraling out of control."
Gaming addiction firm Addaction CEO Mike Dixon also spoke out about the payout, sharing: "It's astonishing that a CEO of one gambling company is paid 26 times more than the entire industry's contribution to [addiction] treatment. We know problem gambling affects more than 2 million people. We need a proper levy on gambling industry profits so more people can get help and support."
Denise Coates founded bet365 in 2000 and has seen it grow to a multi-billion pound online betting behemoth, of which her company controls 93%.
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