While many of the other gambling companies England have rich histories that date back as far as the 1800’s, Bet365 is a mere 13 years old, although the family who own them did own a small chain of retail outlets. It was this small chain that allowed Denise Coates to cut her teeth in the gambling industry as the managing director of the company from 1995 until 2000, when she began to focus on her plans for Bet365.
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In March 2001 Bet365 launched onto the World Wide Web with a completely unique sports betting platform, allowing punters to place their bets with funds added to their account via credit or debit card and then have their winnings transferred to their bank account. While this is fairly run-of-the-mill today, at the time it was groundbreaking technology and offered punters a convenient way to gamble on hundreds of sporting events from the comfort of their own home. The online venture was funded entirely by a £15 million loan from the Royal Bank of Scotland which was secured against the families chain of retail betting shops, representing a huge risk to the family but also showing great confidence in Denise and her ambition is to remould the company for the 21st century.
Bet365 went on to be a huge success, affording the company the ability to repay the £15 million loan earlier than originally agreed after it sold its chain of betting shops to Coral in a £40 million deal in 2005. Fast forward seven years and Bet365 had grown to become one of the U.K.’s biggest online gambling companies and had begun to expand overseas. The company now has a particularly strong presence in Australia, where employees over 100 members of staff and has an agreement with Samuel L Jackson to be the face of the company in their television commercials. Naturally the Australian company pays all of its taxes and various administrative fees “down under”, however unlike their competitors they also pay all of their taxes on their UK based business to the government of the United Kingdom. The company now offers one of the leading sign up offers that can be found at Bet365 promo code.
In a time when companies such as William Hill, Ladbrokes, bet Fred and many more have all taken the controversial steps of moving their business offshore to significantly reduce their tax bill, it is refreshing to see a gambling company (particularly one that is based entirely on line, I could quite easily operate offshore) pay taxes on all of its operating income. This was further highlighted when Tristram Hunt, the Member of Parliament for Stoke-on-Trent Central, publicly said “this is a great British business success story and we should be hugely proud to have it in the heart of Stoke-on-Trent. This is a company that provides high quality, well paid jobs for the city, and unlike some of the gambling businesses it pays its taxes in the UK.”
As of 2012 Bet365 reported total wages amounting to £12.2 billion, with £646 million of revenue and profits of more than £116 million. This resulted in the company paying £130 million in taxes. The company are also the largest private employer in the city of Stoke-on-Trent with more than 2100 members of staff based within the area. In May of that year Bet365 also signed a three-year deal with Stoke City Football Club to become the club’s principal and shirt sponsor. The deal will conclude at the end of the 2014 – 2015 football season.
Bet365 remains a family owned business, with Denise Coates and John Coates acting as co-chief executives, while their father Peter Coates assumes the role of chairman. Denise Coates maintains a controlling stake of the company with 50.1% of shares.