Denise Coates, the founder of Bet365, has seen a decline in her ranking on the annual list of the top taxpayers in the UK, moving from first place to third. At the same time, Betfred’s Fred and Peter Done have climbed to the fourth spot on the list. The Tax List, published each year by The Times newspaper, features the top 100 UK taxpayers who collectively paid a total of £5.35bn in tax during 2023.
The Coates family, including Denise, John and Peter Coates – Bet365’s co-chief executives and chairman – paid £375.9m in tax, a decrease from the £460.2m that was reported in the previous year’s list. Denise Coates, the richest self-made woman in the UK, launched Bet365 from a car park in Stoke-on-Trent and paid herself a total of £220.0m last year.
As for Betfred, Fred and Peter Done paid £204.6m in tax, up from £136.8m in the previous year, moving them up to the fourth spot on the list. They are the sons of an illegal bookmaker that went legit by launching Betfred in 1967.
XTX Markets founder, Alex Gerko, retained the top taxpayer spot for the second consecutive year, paying a total of £664.5m in tax, up from £487.4m in 2022 after almost doubling his net worth in a year. Formula 1 tycoon Bernie Ecclestone took the second spot with £652.6m in tax, but he was forced to pay £650.0m in tax and penalties to HMRC to avoid jail due to failing to declare more than £400.0m held in a Singapore trust.
Bet365 reported a £61.2m loss for 2022-23, despite an increase in sports betting and gaming revenue. The loss was attributed to an increase in costs across the business. However, sports betting and gaming revenue for the year saw an 18.9% increase to £3.39bn. Betfred, on the other hand, is yet to report results for 2022-23, but its most recent figures showed a 38.8% rise in gross profit to £542.9m with a total amount wagered at £8.80bn for the year.