Bet365 Founder Denise Coates Slips to Third Place on UK's Top Taxpayer List

Published each year by The Times newspaper, the Tax List unveils the top 100 UK taxpayers. These individuals collectively paid a staggering £5.35 billion in taxes during the year 2023.

The Coates family, which includes Denise, John, and Peter Coates – the co-chief executives and chairman of Bet365 – contributed £375.9 million in taxes, a decrease from the £460.2 million reported in the 2023 list. Denise Coates, known as the richest self-made woman in the UK, paid herself a total of £220.0 million last year.

In contrast, Fred and Peter Done, the sons of an illegal bookmaker who established Betfred in 1967, paid £204.6 million in taxes, marking an increase from £136.8 million in 2023. This propelled them to fourth place on the list, although they remain behind the Coates family.

XTX Markets founder Alex Gerko retained his position as the top taxpayer for the second consecutive year, contributing a substantial £664.5 million in taxes, reflecting his significant growth in net worth.

Formula 1 tycoon Bernie Ecclestone secured the second spot on the list with £652.6 million in taxes. However, his tax payment included £650.0 million in penalties to HMRC, stemming from his failure to declare £400.0 million held in a Singapore trust in 2015.

The top 10 taxpayers also featured Sir Tim Martin, founder of Wetherspoons; Sir James Dyson, founder of Dyson; the Weston family, associated with Primark and Fortnum and Mason; Mike Ashley, founder of Sports Direct; John Bloor, head of Triumph Motorcycles; and John Timpson, known for his success in the cobbler industry.

Bet365's inclusion on the list comes despite the operator's reported £61.2 million loss for the 2022-23 financial year, attributed to increased business costs. Nevertheless, the company experienced an 18.9% rise in sports betting and gaming revenue, reaching £3.39 billion, driven by a 15.0% increase in sports betting revenue and a 31% surge in gaming revenue. Despite challenges, Bet365 continues to play a significant role in the UK's tax landscape.