Bet365 Founder Denise Coates Falls to Third Place in UK's Top Taxpayer List

The annual Tax List, compiled by The Times newspaper, has unveiled the latest ranking of the top UK taxpayers for 2023. Denise Coates, the mastermind behind Bet365, who previously held the coveted top spot, has now fallen to third place. The Coates family, comprising Denise, John, and Peter Coates, collectively paid £375.9 million in taxes, a decrease from the £460.2 million reported in the previous year's list.

In contrast, Fred and Peter Done, the brains behind Betfred, saw their tax contribution surge to £204.6 million, elevating them to the fourth position on the prestigious list. This marks a significant increase from their 2023 tax payment of £136.8 million. The Done brothers' ascent is a testament to their success within the gambling industry.

Bet365, despite its impressive revenue growth in sports betting and gaming, posted a £61.2 million loss for the 2022-23 financial year, a stark contrast to the £42.8 million profit from the previous year. The loss was attributed to rising operational costs. However, the company did experience an 18.9% increase in sports betting and gaming revenue, reaching £3.39 billion. This included a 15.0% rise in sports betting revenue and a remarkable 31% surge in gaming revenue during the same period.

As the annual Tax List reshuffles the rankings of the UK's top taxpayers, the financial performances of industry giants like Bet365 and Betfred continue to draw attention and scrutiny.