Denise Coates knows how to make money from sports betting.
Last year, she earned £265 million ($338 million) as the boss of online sports betting giant, bet365.
That’s a lot more than she earned in 2016. Coates only took home £217 million ($276 million) that year.
She is the most highly paid chief executive in the UK and in January 2012, Coates was appointed a Commander of the Order of the British Empire (CBE) by the Queen.
Forbes lists her real-time net worth as $3.7 billion as of Nov. 27, 2018.
Coates earned her money the hard way
Coates founded bet365 and owns 50.01 percent of the company, giving her absolute control.
She built it from scratch, buying the domain name in January 2000, and creating one of the largest online gambling companies in the world.
Bet365 is truly a family company. Fully 93 percent of the shares are owned by her family, including her father, Sir Peter Coates.
Dad is the son of a coal miner and a serial entrepreneur, who left school at 14.
He founded a chain of betting shops in 1974 and had enough confidence in his daughter to pledge them as collateral for a £15 million ($19 million) loan to help bet365 expand.
Sir Peter is chairman of bet365, but it is Denise Coates who has masterminded the company’s incredible success.
Bet365 is coming to New Jersey
As early as June 19 this year, bet365 signed a deal with the Hard Rock Atlantic City. Note that that was before the Hard Rock opened for business June 28.
So far bet365 has not launched in New Jersey. The company has to go through the necessary approvals to get a gaming license from the Division of Gaming Enforcement (DGE).
Once approved, bet365 should launch under its brand, offering sports betting and possibly online casino to New Jersey customers.
Given the predominance of bet365 in many national sports betting markets around the world, New Jersey can expect a strong new competitor.
Bet365 is the largest online sports betting operator in Europe and is No. 1 in regulated markets such as Italy.
And to New York
If all goes to plan, bet365 will become Empire’s second-largest shareholder. Not only will Empire get a highly competent partner, but it will also have one with deep pockets if a future investment is required.
Online sports betting isn’t yet permitted in New York, but there’s some hope that the legislature could get to it in 2019.
Talk about a strategic deal.
Bet365 gets a foothold in the sports betting market in the fourth most populous US state. Add this to experience in online sports betting in New Jersey and bet365 would make an attractive partner for any casinos in states where sports betting becomes legal.
And of course, it will be in prime position if New York does allow online sports betting.
Bet365 has a unique record of compliance
The UK government thought it was getting a grip on gambling back when it passed the Gambling Act of 2005.
The actual effect of the bill was to push all UK online gaming companies to relocate offshore. Gibraltar, Malta and the Isle of Man became hosts to such big names as Ladbrokes, William Hill, partypoker and 888.
Only one major online gaming company stayed in the UK — and paid the extra gaming taxes that implied — bet365.
The law was changed in 2014, but Denise Coates insistence that the company stays headquartered in the UK has paid off in respectability.
The company is the largest employer in its home city of Stoke on Trent, and Peter Coates is the Chairman and owner of the local soccer club, Stoke City.
Bet365 is a family company with deep local roots. Something unique in the current sports betting corporate environment.
There’s more money to be made in US sports betting
Eilers & Krejcik Gaming forecasts $442 million (£340 million) in New Jersey annual gaming revenue by the end of 2021.
Not bad for a state with fewer than 10 million inhabitants. Multiply that by all the other states that might introduce sports betting and the market is large by any standards.
The entire gaming industry is currently looking at how to take a slice of this sports betting pie. Despite her eye-watering pay packet, Denise Coates is looking hungry for a big juicy piece of American pie.
I wouldn’t bet against her.
DraftKings Sportsbook is now live for all New Jersey residents via one of Resorts Atlantic City Casino’s online sports betting licenses. The DraftKings Sportsbook app is available for download on both iPhone (iOS) and Android platforms.
“I am excited to begin this new chapter in our story by officially launching what I believe to be the most innovative, mobile sports betting product in the U.S.,” said Jason Robins, CEO and co-founder of DraftKings. “We have put immense thought and significant resources behind the development of DraftKings Sportsbook and I’m confident that sports fans in New Jersey will enjoy using it to make the experience of watching the games even more interesting and thrilling.”
TheLines readers in New Jersey qualify for a generous introductory promotion when trying DraftKings Sportsbook for the first time. You will get $25 in free bets (exclusive to TheLines) and match your first bet up to $500 upon initial deposit. Taking advantage of this offer is as easy as clicking the links below and following the required steps. There are no additional promotional codes required:
Instructions for iPhone and Android Devices
Below you’ll find the step-by-step instructions for downloading DraftKings Sportsbook for iOS and Android devices:
- Click on the DraftKings Sportsbook download link on your device. Make sure you allow DraftKings to use your device’s location so it knows you are located in New Jersey.
- You will advance to the app download page. Click on the download button at the bottom of the screen. Once the app downloaded to your device, click open and log into the DraftKings Sportsbook using the email linked to your account.
- You’re now eligible for the $25 in free bets and $500 match on your first bet! Follow corresponding instructions for making an initial deposit. Deposits are accepted via credit card.
Deposits and withdrawals at DraftKings Sportsbook
DraftKings Sportsbook users can share a wallet with their DFS accounts on the site if they have one. Transfer of funds from the daily fantasy side for use on Sportsbook is possible once the individual has played through their DFS deposit.
DraftKings Sportsbook currently offers several options for depositing:
- Credit card (Visa, Mastercard)
- Debit card (Visa, Mastercard)
- Bank transfer
Additionally, DraftKings has added PayPal as a deposit option. The availability of PayPal is particularly important, considering that there are still issues with banks declining an elevated percentage of credit card transactions.
Withdrawals are currently processed via a physical check or via the teller cage at Resorts Casino Atlantic City, the operator whose license DraftKings Sportsbook operates under.
Navigating the DraftKings Sportsbook interface
DraftKings Sportsbook features a betting carousel upon log-in, which will typically feature bets customized to the user’s personal wagering history on the site. Users are able to click on any featured bet open a betting ticket and place their wager.
There is plenty of uniformity between DraftKings’ DFS interface and that of its sportsbook. For example, like their DFS lobby, the sports betting lobby features a horizontal navigation bar across the top that highlights the different leagues and sports for which bets are being accepted. There is also a dropdown tab dubbed “Sports A-Z” where the user can examine all wagerable sports in alphabetical order.
Once a user selects a sport, all available wagers for that sport will display on their screen. This will typically include options for betting on point spreads, money lines, point totals, futures, parlays and props.
Upon a bet being selected, a bet slip pops up to the right-hand side of the screen, allowing the user to populate it with the amount they wish to wager. Users can then track open bets through two different tabs located above the aforementioned horizontal navigation bar:
- My Bets – lists all of the users’ active bets
- Live In-Game – lists the current potential payout of any active bet if the user wanted to take advantage of DraftKings’ live in-game ticketing system.