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Bet365

Summary

Bet365 is a British gambling company founded in 2000. Its product offering includes sports betting, online casino, online poker, and online bingo. Business operations are conducted from its headquarters in Stoke-on-Trent, alongside a satellite office in Malta. It was founded by Denise Coates, who remains the majority shareholder and joint-chief executive, alongside her brother John Coates.

Bet365
Type of site
Private
Founded2000
Headquarters
Stoke-on-Trent
,
England
OwnerCoates Family
Key people
IndustryGambling
ProductsSports betting, online casino, online poker, online bingo
URLbet365.com

Overview edit

Bet365 is an online gambling company offering sports betting and casino type games.

In addition to the company headquarters in Stoke-on-Trent, Bet365 have further offices in Manchester, Gibraltar,[1] Malta,[2] Bulgaria, Armenia and Australia. The group employed over 4,000 people as of 2020.[3][4]

Bet365 is a trading name of Hillside (New Media) Ltd.[5] and operations.

History edit

Bet365 was founded in 2000 in a portable building[3] in Stoke-on-Trent by Denise Coates. Denise developed a sports betting platform and trading team to launch the business online in March 2001. The business borrowed £15 million from Royal Bank of Scotland against the family's betting shop estate which had been started by Peter Coates in 1974 and had been run by Denise Coates as managing director from 1995. Bet365 sold its betting shop chain in 2005 for £40 million to Coral and paid off its loan to RBS.[6]

Bet365 chairman Peter Coates was also the chairman at Stoke City and in May 2012 Bet365 signed a three-year contract with the club to become shirt sponsors.[7] In April 2016, the company became the new title sponsors for the club's stadium for the next six seasons, replacing fellow local enterprise the Britannia Building Society.[8] In the summer of 2016, Bet365 also signed shirt sponsorship deals with Bulgarian clubs Ludogorets Razgrad and Slavia Sofia for the upcoming two seasons.[9][failed verification]

Bet365's reported figures (March 2020-21) showed revenues of £2.8 billion and a profit of £470 million before tax.[10]

Denise Coates, joint chief executive, continues to run Bet365 and is the majority shareholder with 50.1% of the shares. Her brother John, joint chief executive, runs the business alongside her, with her father Peter holding the position of chairman.

In the summer of 2019, the largest UK bookmakers and online casino operators William Hill, GVC Holdings, Flutter Entertainment, Stars Group and Bet365 entered into an agreement to transfer funds to combat gambling addiction. They agreed to increase the amount from 0.1% to 1% of gross income in the next five years. The initiative was welcomed by a harm reduction group, but also received criticism for its perceived inadequacy; one MP described it as "a bribe to appease campaigners and the UK government".[11]

Overseas operations edit

In 2018, shortly after the U.S. Supreme Court ruling on sports betting allowed U.S. states to regulate sports betting, Bet365 announced plans to launch in the United States starting with the state of New Jersey with a partnership with Hard Rock Hotel and Casino in Atlantic City.[12] The company would later announce in September 2021 that Bet365 will launch in Colorado with a licensing and revenue share deal with Century Casinos. Bet365 opened up operations in Colorado on 6 September 2022.[13][14]

In April 2022, Bet365 was also launched in Ontario after it was approved by the Alcohol and Gaming Commission of Ontario to conduct sports betting activities in the province following the passing of a new Canadian law that legalized single-game betting.[15]

Awards and achievements edit

At the eGaming Review Operator Awards 2010 organised by eGaming Review magazine, Bet365 won the "Operator of the Year" award.[16] Bet365 ranked third in The Sunday Times Profit Track 100 league table, which ranks private companies in the UK based on profit growth rate.[17] Bet365 was also ranked as one of the fastest growing privately owned technology, media and telecoms companies in The Sunday Times Tech Track 100 league table.

eGaming Review magazine has ranked Bet365 the number one Internet gaming company in 2010, 2011 and 2012 as part of its annual Power 50 list of the top 50 most influential Internet gaming companies.[18] Denise Coates, founder and joint CEO of Bet365, received a CBE in the 2012 Queen's new year honours list for services to the community and business.[19] In February 2013 Denise Coates was named as one of the 100 most powerful women in the United Kingdom by Woman's Hour at BBC Radio 4.[20]

In December 2022, Bet365 won the coveted SBC Bookmaker of the Year for the third consecutive year.

Controversies edit

Regulatory Non-Compliance edit

In October 2014, The Guardian newspaper reported that the company had been taking bets from Chinese citizens by using obscure domain names in order to avoid government web censorship.[21]

In 2016, Bet365 was fined $2.75 million AUD by the Australian Competition & Consumer Commission for misleading advertisements which falsely promised "free bets" to customers.[22]

Although gambling is illegal in most jurisdictions of India, Bet365 nonetheless conducted surrogate advertising in the country. India's consumer affairs ministry served notices to various television channels and apps for promoting gambling companies and asked them to stop showing ads from Bet365 and other betting platforms immediately.[23]

In March 2024, Australia's financial crime agency, Austrac, initiated an investigation into Bet365 for potential non-compliance with anti-money laundering and counter-terrorism financing laws, following an ordered external audit in 2022.[24]

Fiduciary Duty edit

Denise Coates became the highest paid executive in the UK in 2017, awarding herself a salary of £217 million.[25] In 2018, her pay packet rose to £265m as the company reported profits up 31% to £660 million, prompting criticism from problem gambling charity groups.[26] In January 2019, Bet365 ranked second on The Sunday Times list of the UK's top taxpayers, with the Coates family (Denise, John and Peter) paying an estimated total tax of £156 million, of which £99 million was paid by Denise alone.[27] Denise was again criticised in 2024, after she received payouts of more than £270 million the year before, including a salary of £220.7 million and dividends of £50 million, despite the company posting a £60 million loss.[28]

Refusal to Pay edit

Further criticism highlights repeated cases of Bet365 delaying or denying payment to winning players. For example, Bet365 was taken to court for refusing to pay over £1 million in winnings to a horse bettor in Northern Ireland in 2017.[29] The company refused a payout of £54,000 to a customer in England in 2016, a case which was still ongoing in 2017.[30][31] In Australia, Bet365 froze the account of a punter who had won around $200,000 AUD in 2016, refusing to pay out.[32] These are just some of the most noteworthy instances; several more cases of Bet365 refusing to pay winnings have been reported by gamblers on Internet gambling forums.[33][34]

Media edit

In the UK, the face of Bet365, since 2010, has been actor Ray Winstone.[35] The company sponsors the shirt and stadium of EFL Championship football club Stoke City F.C., a corporate affiliate.

References edit

  1. ^ Evans, Jake (30 January 2020). "Bet365 confirms operational changes in new terms and conditions note". EGR Intel. Retrieved 28 January 2022.
  2. ^ Diacono, Tim (20 May 2018). "One Of The World's Largest Sports Betting Agencies Is Set To Relocate To Malta". Lovin Malta. Retrieved 28 January 2022.
  3. ^ a b "bet365 - History".
  4. ^ Bekmagambetova, Dinara. "Bet365 boss takes home £323 million after bumper pay rise". MarketWatch. Retrieved 26 May 2020.
  5. ^ "ASA Adjudication on Hillside (New Media) Ltd". Archived from the original on 12 August 2016. Retrieved 24 April 2016.
  6. ^ "A Very Private Practice". Archived from the original on 6 April 2012. Retrieved 6 October 2011.
  7. ^ "bet365 put their shirts on Stoke City". The Sentinel. Archived from the original on 18 June 2013. Retrieved 8 May 2012.
  8. ^ "Stoke City's Britannia Stadium to be known as bet365 Stadium next season". The Guardian. 21 April 2016. Archived from the original on 4 June 2016. Retrieved 24 May 2016.
  9. ^ "bet365 is the new general sponsor of Ludogorets". 23 June 2016. Retrieved 31 July 2016.
  10. ^ "Boss of Bet365 paid almost £300m during first year of Covid". The Guardian. 3 March 2022. Retrieved 3 March 2022.
  11. ^ Davies, Rob (20 June 2019). "UK gambling firms' offer to boost levy branded a bribe". The Guardian. ISSN 0261-3077. Retrieved 6 July 2023.
  12. ^ Wayne, Parry (10 July 2018). "Hard Rock, Bet365 plan sports betting in New Jersey". Associated Press. Retrieved 10 December 2021.
  13. ^ Ruden, Pete (23 September 2021). "bet365 Plans to Enter New Colorado Sports Betting Market". Action Network. Retrieved 10 December 2021.
  14. ^ "Century Casinos' Partner bet365 Launches Internet Sports Betting in Colorado" (Press release). Century Casinos. 6 September 2022 – via PRNewswire.
  15. ^ Rocca, Ryan (23 March 2022). "Here's what will change when Ontario's new internet gambling market opens April 4". Global News. Corus Entertainment.
  16. ^ "bet365 wins EGR Operator of the Year award". Archived from the original on 27 November 2010. Retrieved 29 November 2010.
  17. ^ "Sunday Times Fast Track". Archived from the original on 31 March 2012. Retrieved 6 October 2011.
  18. ^ "Exclusive: bet365 claims Power 50 crown for third year running". Archived from the original on 12 October 2013. Retrieved 18 December 2012.
  19. ^ "Denise Coates is among those named in New Year Honours". BBC News. 31 December 2011. Archived from the original on 13 January 2012. Retrieved 2 February 2012.
  20. ^ "Denise Coates CBE". BBC. Archived from the original on 19 February 2013. Retrieved 7 May 2013.
  21. ^ "Revealed: how Bet365 profits from Chinese punters who risk jail for gambling online". The Guardian. Archived from the original on 31 May 2016. Retrieved 2 June 2016.
  22. ^ "Court imposes $2.75 million in penalties on bet365 companies for misrepresenting free bet offer". Australian Competition & Consumer Commission. Archived from the original on 1 December 2017. Retrieved 27 November 2017.
  23. ^ Laghate, Gaurav. "Stop ads of offshore betting sites, government to digital media platforms, TV channels". The Economic Times.
  24. ^ "Online gambling firm Bet365 probed in Australia". 7 March 2024. Retrieved 2 April 2024.
  25. ^ "Bet365 chief Denise Coates paid herself £217m last year". The Guardian. Archived from the original on 26 November 2017. Retrieved 27 November 2017.
  26. ^ Chapman, Ben (21 November 2018). "Bet365 boss Denise Coates' pay rises to 'eye-watering' £265m". The Independent. Archived from the original on 6 January 2019. Retrieved 5 January 2019.
  27. ^ "UK's 'highest taxpayers' revealed". BBC.com. 27 January 2019. Archived from the original on 27 January 2019. Retrieved 27 January 2019.
  28. ^ Ruper Neate; Mark Sweney (8 January 2024). "Billionaire Bet365 boss pockets further £270m". The Guardian. Retrieved 8 January 2024.
  29. ^ "Exclusive: Teenager takes bet365 to court over £1m 'won' on horse races". The Telegraph. Archived from the original on 3 December 2017. Retrieved 27 November 2017.
  30. ^ "Bet365 faces legal action over delay in paying winning punter £54,000". The Guardian. Archived from the original on 29 September 2017. Retrieved 27 November 2017.
  31. ^ "Bookmaker bet365 admits mistake in wrangle over £54,000 account". The Guardian. Archived from the original on 1 December 2017. Retrieved 27 November 2017.
  32. ^ "Punter owed six-figure payout has account frozen after dog plunge". The Australian. Retrieved 27 November 2017.
  33. ^ "Bet365 Account Locked for 5 Months (ref. ACSTA)". TwoPlusTwo. Retrieved 27 October 2017.
  34. ^ "Bet365 requests strange verification way. Is it secure and do they have such right?". SporsBookReview. Archived from the original on 1 December 2017. Retrieved 2 July 2017.
  35. ^ "Ray Winstone interview". TheGuardian.com. 9 February 2010. Retrieved 9 December 2022.

External links edit

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