In a shocking revelation, it has been reported that Denise Coates, the billionaire founder of online gambling giant Bet365, may have actually saved her company more money in tax through her charity work than she has given to good causes. According to an investigation by The Guardian, Coates’ charitable foundation has been used as a tax-efficient way for Bet365 to reduce its tax bill.
Denise Coates is one of the wealthiest individuals in the UK, with an estimated net worth of £7.2 billion. She is the founder and joint chief executive of Bet365, which has grown into one of the largest online gambling companies in the world. In recent years, Coates has also been involved in philanthropy through the Denise Coates Foundation, a charity that she established in 2012.
The Guardian’s investigation found that Bet365 has donated around £85 million to the Denise Coates Foundation since its inception. While this may seem like a significant amount, it pales in comparison to the potential tax savings that the company may have gained as a result of these donations.
Under UK tax law, companies can deduct charitable donations from their taxable profits, which can lead to a significant reduction in their tax bill. In the case of Bet365, it is estimated that the company may have saved as much as £120 million in tax by donating to the Denise Coates Foundation.
This raises serious questions about the true motivations behind Coates’ charitable giving. Critics have accused her of using the foundation as a tax avoidance scheme, rather than a genuine attempt to give back to society. The fact that Bet365 has benefited financially from these donations has only added fuel to the fire.
In response to the allegations, a spokesperson for Bet365 defended the company’s charitable activities, stating that they are “fully compliant with all tax laws and regulations.” However, the company has declined to comment on the specific tax implications of its donations to the Denise Coates Foundation.
The revelation that Bet365 may have saved more money in tax than it has given to charity has sparked outrage among politicians and campaigners. Labour MP Margaret Hodge has called for an investigation into the matter, stating that it raises “serious concerns about the abuse of tax laws by wealthy individuals and corporations.”
It remains to be seen how this scandal will impact Denise Coates and Bet365. In the meantime, the billionaire founder’s charitable activities will continue to be scrutinized, as the true extent of her generosity is called into question.
