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The Coates family, owners of bet365, are firmly positioned in the upper echelon of the Sunday Times ‘Rich List’ at the 16th spot. Their net worth increased by £158 million ($197 million) from the previous year, bringing their total wealth to a whopping £8.8 billion.
The ‘Rich List’ is a comprehensive annual compilation of the 350 wealthiest individuals in the UK. With 35 years of history, the list showcases the financial prowess of those who’ve made it to the top. Distinctly, the Coates family are the sole representatives from the gambling industry to secure a place within the coveted top 20.
Emerging from Stoke-on-Trent, England in 2000, bet365 was the brainchild of the Coates family. Denise, John, and Peter Coates have proven their business acumen by building bet365 into a multi-billion pound company. Denise’s father, John, not only cofounded bet365 but also presides as the Chairman of Stoke City Football Club.
Their financial success isn’t restricted to the UK alone, as they are the wealthiest family in the Midlands. Their fortune has been on an upward trajectory, growing by £158m since last year’s ranking announcement.
Denise Coates has made significant strides in the world of online gambling. She bolstered the family’s fortune by acquiring several family-owned betting shops and then successfully selling them to Coral for a neat sum of £40m in 2005.
Spotting the burgeoning potential of online gambling, she purchased the bet365.com domain in 2000, and subsequently launched the website in 2001. Her strategic decisions have not only catapulted bet365 to great heights but also cemented her position as the highest-paid boss in the UK for several years running.
The wealth held by UK billionaires witnessed a notable surge, reaching £683.86bn, an increase of £30,734 from last year’s ‘Rich List’. However, the 2023 edition also recorded the first dip in the number of UK billionaires since the financial crisis of 2007-08. The current tally of billionaires stands at 171, marking a decrease of six from 2022.