Taxing Times For British Bookie Bosses

Taxing Times For British Bookie Bosses

Paying taxes is nobody’s idea of fun and UK tax specialists revel in the challenge of reducing their clients’ tax bills through legal mechanisms to avoid tax, rather than evade tax which is a criminal offence.  Two highly successful gambling businesses – Bet365 and Betfred- are hitting the headlines due to the eye-watering payments their founders have made to HM Revenue & Customs last year.  

The Sunday Times Rich List team have, for the second year in a row, put Denise Coates of Bet365 at the top of the heap of British taxpayers.  Denise’s tax bill is £573 million, some £150 million ahead of the second-biggest taxpayer – Glenn Gordon, of the spirits company William Grant & Sons.  Third-placed are the Done brothers, Fred and Peter Done, whose joint tax liability is estimated at a rather substantial £191 million.  

top british taxpayers

53-year old Denise Coates, CBE, is the UK’s wealthiest self-made woman and also the highest paid chief executive.  From starting her on-line gambling and gaming business in a portacabin in a Stoke-on-Trent car park twenty years ago, Coates has become a billionaire with an estimated net worth of over £7 billion.  Unlike many wealthy Brits, Coates remains a UK taxpayer and continues to develop her eponymous Foundation. The most recent financial information available shows her paying £85 million into the Foundation in 2019 to support charitable activities across the UK and abroad.  

Bookies Fred and Peter Done, 77 and 73-years old respectively,  have built Betfred over a considerably longer timeframe.  The brothers have been involved in the gambling industry for over 50 years and they own and operate over 1,600 betting shops in addition to their online gambling platform.  With a joint estimated worth of over £1.2 billion, the bookies have risen from their humble beginnings in a Salford slum to immense wealth but, like Coates, they continue to reside in the UK and pay their taxes to support the rest of society.  They, too, support charitable organisations and this philanthropy – together with their background and continuing role as wealth-creators, mean that Fred and Peter Done rarely attract public criticism.  Keeping a low profile definitely helps too!

With the myriad of challenges currently facing the gambling industry, it will be unsurprising if the tax remittances of both Coates and the Done brothers decline next year.  In addition to the difficult trading conditions, there is the constant threat of further regulation within the UK home market.  The Government’s decision to limit the maximum wager on Fixed Odds Betting Terminals (FOTBs) from £100 to £2 back in 2019 shook the industry, with Fred Done saying at the time that bookies were ‘fighting for their lives”.   But there is a recognition across the board that problem gambling is increasing, with ready access to gambling and gaming opportunities through mobile phones being a particular catalyst, and that further regulation is imminent.  

Legislation banning advertisement and sponsorship by the tobacco industry was brought in eighteen years ago and campaigners lobbying Parliament are keen for similar restrictions to apply to the gambling and gaming industry.  

One proposal gaining a lot of newspaper headlines is the banning of bookie logos on shirts and pitchside advertising.  This would clearly reduce the public’s exposure to the bookies’ brands but would also have a negative impact on football clubs.  John Coates, Denise Coates’ brother and vice-chairman of Stoke City, recently commented of problem gambling that “I do have concerns” and that he welcomes the review of the industry but he cautions that football may well suffer financially from the loss of revenue from the gambling industry and he added “Stoke City survives on the money we put into it”.

But more concerning to Bet365, Betfred and their rivals are other proposals, less headline-grabbing but more significant in their impact on the industry.  Affordability checks would inconvenience and discourage gamblers, with a commensurate downward pull on revenues.  Limits on how much a punter could bet or lose would again provide a barrier to entry.  Also proposed are plans to limit on-line casino stakes to £2; this would have a dramatic and negative effect on revenues.  So the gambling and gaming industry has major challenges ahead and the enormous tax bills paid by Denise Coates and the Done brothers last year are expected to drop as the current difficult trading conditions are compounded by new regulation in the coming months and years. 

Advertising Disclosure
At WhichBookie we bring you the best content and offers every day, please be aware that we do collect compensation from some of the links on this page.

Top 5 New Bookmakers

888Sport
https://www.whichbookie.co.uk/bookmakers/888sport-review/ ★★★★★
Read Review
Visit
Virgin Bet
https://www.whichbookie.co.uk/bookmakers/virgin-bet-review/ ★★★★☆
Read Review
Visit
Betiton
https://www.whichbookie.co.uk/bookmakers/betiton-review/ ★★★★★
Read Review
Visit
Boylesports
https://www.whichbookie.co.uk/bookmakers/boylesports-review/ ★★★★★
Read Review
Visit
Fanteam
https://www.whichbookie.co.uk/bookmakers/fanteam/ ★★★★★
Read Review
Visit

Top Offers

Europe to win the Ryder Cup – 50/1
Visit
£5 Matched Bet on Joshua v Usyk
Visit
LVBET 20 No Deposit Free Spins
Visit
Betfair No Deposit Free Spins
Visit
888Casino No Deposit Bonus
Visit
Listowel & Warwick – Tuesday 21st September
Read
Andrew Blair White
Roca Roma
Win
2/1

WhichBookie racing analyst Andrew Blair White provides a preview and betting tips for races at Listowel and Warwick today.

Date published: September 21, 2021
Today’s Predictions
Read
Which Bookie
Atletico Madrid
To Win

Free Football Tips provided by WhichBookie. Read the latest hot footy tips from WhichBookie football tipster Liam Johnson. Liam has over 10 years of experience in providing successful football tips and covers various markets for matches taking place in leagues throughout the UK and Europe.

Date published: September 21, 2021

Top Rated Bookmakers

Betfair
https://www.whichbookie.co.uk/bookmakers/betfair-review/ ★★★★★
Read Review
Visit
Bet365
https://www.whichbookie.co.uk/bookmakers/bet365-review/ ★★★★★
Read Review
Visit
Betfred
https://www.whichbookie.co.uk/bookmakers/betfred-review/ ★★★★★
Read Review
Visit
888Sport
https://www.whichbookie.co.uk/bookmakers/888sport-review/ ★★★★★
Read Review
Visit
Boylesports
https://www.whichbookie.co.uk/bookmakers/boylesports-review/ ★★★★★
Read Review
Visit
William Hill
https://www.whichbookie.co.uk/bookmakers/william-hill-review/ ★★★★☆
Read Review
Visit
Paddy Power
https://www.whichbookie.co.uk/bookmakers/paddy-power-review/ ★★★★☆
Read Review
Visit
2kBet
https://www.whichbookie.co.uk/bookmakers/2kbet-review/ ★★★★☆
Read Review
Visit
BetVictor
https://www.whichbookie.co.uk/bookmakers/betvictor-review/ ★★★★★
Read Review
Visit
Bwin
https://www.whichbookie.co.uk/bookmakers/bwin-review/ ★★★★☆
Read Review
Visit
Newmarket – Saturday 25th September
Read
Will Smith
Castle Star
each-way
8/1

WhichBookie racing analyst Will Smith provides a preview and an ante-post each-way selection for the Middle Park Stakes at Newmarket on Saturday 25th September.

Date published: September 20, 2021
Ryder Cup Tips & Predictions
Read
Which Bookie
USA
Outright Winner

The 2021 Ryder Cup gets underway this week at the Whistling Straits Golf Course in Wisconsin with the tournament running from Friday 24th - Sunday 26th September. See below for a selection of Ryder Cup betting tips for the upcoming tournament.

Date published: September 20, 2021
Navan – Saturday 18th September
Read
Andrew Blair White
Weseekhimhere
Win
6/4

WhichBookie racing analyst Andrew Blair White provides a preview and betting tips for races at Navan today.

Date published: September 18, 2021

Best Football Bookies

Bet365
https://www.whichbookie.co.uk/bookmakers/bet365-review/ ★★★★★
Read Review
Visit
888Sport
https://www.whichbookie.co.uk/bookmakers/888sport-review/ ★★★★★
Read Review
Visit
Betfair
https://www.whichbookie.co.uk/bookmakers/betfair-review/ ★★★★★
Read Review
Visit
Betfred
https://www.whichbookie.co.uk/bookmakers/betfred-review/ ★★★★★
Read Review
Visit
10Bet
https://www.whichbookie.co.uk/bookmakers/10bet-review/ ★★★★☆
Read Review
Visit

Best Racing Bookies

Bet365
https://www.whichbookie.co.uk/bookmakers/bet365-review/ ★★★★★
Read Review
Visit
Boylesports
https://www.whichbookie.co.uk/bookmakers/boylesports-review/ ★★★★★
Read Review
Visit
Betfred
https://www.whichbookie.co.uk/bookmakers/betfred-review/ ★★★★★
Read Review
Visit
Betfair
https://www.whichbookie.co.uk/bookmakers/betfair-review/ ★★★★★
Read Review
Visit
William Hill
https://www.whichbookie.co.uk/bookmakers/william-hill-review/ ★★★★☆
Read Review
Visit