The Coates family, owners of the renowned operator bet365, has secured the 16th position on the Sunday Times ‘Rich List,’ showcasing their remarkable wealth. With a net worth of £8.8bn, the family’s fortune has grown by £158m since last year. They are the sole representatives from the gambling sector in the top 20 of the prestigious list, which unveils the wealthiest individuals in Britain.
Building the bet365 Empire:
bet365 was established in Stoke-on-Trent, England in 2000 by the Coates family, comprising Denise, John, and her brother Peter. The family’s entrepreneurial journey began with the acquisition of their family’s betting shops, which Denise later sold to Coral for £40m. Recognizing the potential of online gambling, she seized the opportunity by acquiring the bet365.com domain in 2000 and launching the website in 2001.
Rising Wealth and Rankings:
The Coates family’s current net worth of £8.8bn places them at number 16 on England’s richest rankings. This impressive position reflects an increase of £158m since the previous year, solidifying their status as the wealthiest family in the Midlands. Denise Coates, in particular, has played a pivotal role in the company’s success and is recognized as the UK’s highest-paid executive, a title she has held for several years.
Denise Coates’ Vision:
Denise Coates’ astute business decisions and foresight in the online gambling industry have propelled bet365 to remarkable heights. By capitalizing on the potential of digital gambling, she has transformed the company into a global powerhouse. Her entrepreneurial spirit and strategic thinking have not only contributed to bet365’s exponential growth but also positioned her as a trailblazer in the industry.
The Changing Landscape of UK Billionaires:
The Sunday Times ‘Rich List’ also sheds light on the overall wealth of the UK’s billionaires. The collective net worth of UK billionaires has increased to an impressive £683.86bn, marking a £30,734 rise compared to the previous year. However, this year’s list highlights a decline in the number of billionaires in the UK, the first decrease since the 2007-08 financial crisis. Presently, there are 171 billionaires in the UK, indicating a decrease of six individuals since 2022.
The Coates family’s prominent position on the Sunday Times ‘Rich List’ showcases their exceptional success and wealth as owners of bet365. Their entrepreneurial journey, spearheaded by Denise Coates, exemplifies the transformative power of seizing opportunities in the online gambling industry. With an increasing net worth of £8.8bn, the Coates family continues to make a lasting impact on the gambling sector and stands as a testament to entrepreneurial excellence in the UK. The evolving landscape of UK billionaires further underscores the dynamic nature of wealth accumulation and the broader economic trends shaping the country’s financial landscape.