Bet365 faces investigation into alleged financial crime

BRITAIN’S best-paid woman is facing a financial crime investigation at her gambling empire over compliance with anti-money laundering and counter-terrorism financing laws.

Denise Coates’s business, Bet365, is being investigated by the Australian Transaction Reports and Analysis Centre (Austrac), a financial crime watchdog, over allegations it broke the law. There is no suggestion of any wrongdoing by Ms Coates.

It comes after Austrac ordered an external audit of Stoke-based Bet365’s Australian business in 2022.

Australian betting companies and casinos must keep track of financial transactions to make sure they are not facilitating money laundering or funding terrorism. If Bet365 is found to have violated compliance rules, it could face a fine. Founded in 2000 by Ms Coates, Bet365 has grown into one of the world’s largest betting firms.

Its success has netted a vast personal fortune for Ms Coates, who is still the majority owner.

Her salary rose by £7m to more than £220m last year as sales climbed to £3.4bn, although Bet365 fell to a loss of £72.6m after making a “significant” investment in the booming US market. She was also paid around £50m in dividends.

Collectively, the Coates family is reported to be worth more than £8bn. As well as Bet365, they are significant backers of Stoke City football club – where Ms Coates’s father, Peter, is chairman – and own the Bet365 Stadium in Stoke.

Because Ms Coates earns the majority of her wealth from her salary rather than dividends or other instruments, she is liable for a higher amount of tax than many other business chiefs.

Ms Coates and her family are thought to have paid around £460m to HMRC last year.

She has also become a prominent figure in the arts industry, with a wing of the Courtauld Gallery in London named after her.

The investigation into Bet365 comes as the Australian gambling industry faces pressure over gambling-related harms. Bet365 was approached for comment.

£72.6m Bet365’s loss last year after making a ‘significant’ investment in the booming US market