Dynamic Shifts in UK's Top Taxpayers: Bet365's Denise Coates Slips to Third as Betfred Duo Ascends

In a noteworthy development on The Times' annual list of the UK's top taxpayers, Denise Coates, the founder of Bet365, has relinquished her top-ranking position, slipping to third place. The Coates family, comprising Denise, John, and Peter Coates, paid a total of £375.9 million in taxes for 2023, marking a decline from the £460.2 million reported in the previous year. While Coates is renowned as the UK's wealthiest self-made woman, the change in her ranking comes amid a landscape where tax contributions play a pivotal role.

The coveted top position on the list for the second consecutive year belongs to Alex Gerko, the founder of XTX Markets, who made a substantial tax payment of £664.5 million, showcasing a significant increase from £487.4 million in 2022. In the second spot is Bernie Ecclestone, the Formula 1 tycoon, who reported £652.6 million in tax payments, which includes a substantial amount directed towards settling tax and penalty issues with HMRC.

Surging to fourth place on the list are Fred and Peter Done, the influential figures behind Betfred. Their tax contributions climbed to £204.6 million, a marked increase from £136.8 million in the previous year. This ascent underscores the significant role played by Betfred in the UK's business landscape, with the Done brothers making noteworthy contributions to the nation's tax revenue.

Despite Bet365 reporting a £61.2 million loss for the fiscal year 2022-23, Denise Coates and her company continue to be influential players in the industry. The loss was attributed to increased operational costs, but Bet365 simultaneously reported a robust 18.9% surge in sports betting and gaming revenue, reaching an impressive £3.39 billion. Coates, recognized for her entrepreneurial success in launching Bet365, remains a key figure in the UK's gambling sector.

As the top taxpayers' landscape undergoes dynamic shifts, with notable figures like Denise Coates and the Done brothers contributing significantly, the annual list provides a glimpse into the financial dynamics of key players shaping the UK's business and gambling sectors.

By fLEXI tEAM