Denise Coates: Sheffield University gambling tycoon suffers £110m pay cut

She nevertheless maintains her position as one of Britain’s richest executives. Her salary from Bet365 over the past seven years is about £1.7 billion.

Ms Coates, aged 57, was awarded a first-class degree in econometrics - the application of statistical methods to economic data - at Sheffield University before joining the High Street betting firm, run by her father.

Bet365 is the largest private sector employer in Stoke and the group employs a total of more than 8,600 people, the Times says.

However, the company, along with the rest of the industry, has faced scrutiny over the burden that problem gambling places on society.

In April last year Bet365 was fined more than £582,000 by the Gambling Commission ‘for anti-money laundering and social responsibility failures’ at its online business.

In its accounts the group states it is committed to ensuring and investing in a safe environment for its customers and that it works with regulators and the industry globally to “deliver best practice in safer gambling”.

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Bet365 operates around the world including in Argentina, Germany, Gibraltar, the Republic of Ireland, Spain and the Netherlands.

In addition to sports betting, it operates online casinos, bingo, and poker.

In 2011, Denise Coates was awarded a CBE for services to the community and business.