HomeGamblingBetfred and bet365 owners listed among top five UK taxpayers

Betfred and bet365 owners listed among top five UK taxpayers

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The owners of British gambling giants Betfred and bet365, respectively, were named among the top five highest taxpayers in the United Kingdom, in a list compiled by the Sunday Times.

Betfred owners Fred and Peter Done and bet365 chiefs Denise, John and Peter Coates are the individuals involved, coming in at fourth and third on the listing.

Both companies are family-owned and based in the UK, with Betfred’s base at Warrington, England whilst 365 has its headquarters in Stoke-on-Trent, where they also own Stoke City Football Club.

The betting bosses outstripped the likes of Sir Tim Martin, owner of the dominant UK pub chain, JD Wetherspoon and Sir James Dyson and family, famous for their vacuum cleaner appliances and related household innovations.

Also named in the top ten of the rich list, were The Weston Family, owners of brands such as Primark, Twinings, and Silver Spoon. Their tax liability was stated as £146.2m, coming in 7th position on the report.

It was topped by financial trader Alex Gerko of XTX Markets, formerly based in Moscow, who was said to have paid £664.5m ($842.8m) to the UK government, whilst Bernie Ecclestone, the previous boss of Formula 1, was second on the list.

He was a new entry after paying £650m in tax and penalties to avoid prison. The 93-year-old was recently sanctioned after he failed to declare more than £400m held in a trust in Singapore.

Significant growth

It has been stated the combined total Betfred and bet365 contribution to the UK exchequer was £580.5 million ($736.3m), with the Done family paying £204.6m and the tax bill for the Coates interests coming in at £375.9m ($476.02m).

The Coates family topped the list as the highest taxpayer in the UK back in 2019 and Denise Coates retained that accolade in 2021 despite taking a pay cut of £170m that year.

Earlier this month, it was reported she was paid around £221 million during bet365’s last financial year, taking her earnings over the last four years to over £1 billion.

Betfred is yet to report on its 2023 earnings but the company experienced significant growth during the year, including a joint venture with Mohegan Sun in Las Vegas, as well as a launch in Virginia, the ninth US state the sportsbook is active in, where it will sponsor USL Championship soccer side, Loundon United FC.

Image: Pixabay/Pexels.

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