Gambling industry representatives have once again appeared at the top of The Sunday Times’ Tax List. The 2024 edition of the list shows that the owners of Betfred and bet365 occupy two of the five top spots.

Outclassing celebrities such as Harry Potter author J.K. Rowling (31st place) and singer Ed Sheeran (32nd place), Fred and Peter Done and the Coates family stood in fourth and third place respectively.

According to the list, the Done brothers paid £204.6 million ($259.4 million) in taxes to the UK government. The Coates, meanwhile, paid almost two times that, with their contributions standing at £375.9 million ($476.5 million). In total, the two gambling families contributed £580.5 million.

This is not the first time the Coates have appeared at the top of the list of Britain’s highest-paying taxpayers. Denise Coates, for example, was singlehandedly the highest taxpayer in 2019 when she paid £276 million in taxes to the government. She was also the highest taxpayer in 2021, despite a significant pay cut that year.

For reference, bet365 was the second biggest taxpayer in the UK last year and was only outclassed by the Moscow-born billionaire Alex Gerko.

Russian-Born Billionaire and F1’s Ex-Boss Took the Top Spots

The Coates family no longer holds the top spot, although the company continues to see its profits increase. Unfortunately, bet365’s success is offset by some significant operating losses that were attributed to higher spending.

Betfred, on the other hand, has not yet disclosed its FY 2023 financials, although its presence on the list suggests growth. This is further supported by its launch in new jurisdictions and the introduction of a new Mohegan Sun sportsbook in Las Vegas.

Despite the gambling families’ significant contributions, Bernie Ecclestone, the former chief executive officer of the Formula One Group, and Alex Gerko, the owner of the algorithmic trading company XTX Markets took the first two spots. Ecclestone, who was recently involved in legal trouble, had to pay £652.6 million ($827.3 million) in taxes. Gerko, on the other hand, paid £664.5 million ($842.4 million) in UK tax, which earned him the top spot on The Sunday Times’ list.

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Denise Coates and her family, who have been topping the Sunday Times Tax List for several years now, once again found themselves on the news outlet’s Rich List. Taking the prestigious 16th spot on the list, Denise, John and Peter Coates and family have an estimated net worth of around £8.975 billion ($11.15 billion).

The sixteenth place is notably the same place the family behind Bet365 occupied in the 2022 list. According to the Sunday Times, the Coates’ wealth increased by £158 million ($196 million) since last year.

The bet365 brand was created in 2001 after Denise Coates borrowed GBP 15 million to launch the brand. The gambit quickly proved to be a resounding success, with bet365 now cemented as one of the best operators in the UK.

Because of the size of its gambling brand, Denise Coates is one of the biggest taxpayers in the United Kingdom. Last year, Coates had a personal income tax of $642 million, placing her at the top of the list.

There Were Some Major Changes

At the top of the Rich List were Gopi Hinduja and family with £35 billion. The Indian-born businessman operates the influential Hinduja Group, which is behind companies such as Gulf Oil International and IndusInd Bank. The current result translates to an increase of over £6.5 billion.

Next up on the list is Sir Jim Ratcliffe with £29.69 billion. His chemicals business INEOS skyrocketed in 2023, resulting in a wealth increase of a whopping £23.61 billion.

Ratcliffe was followed by Sir Leonard Blavatnik, who is a famous music and media investor. Thanks to his company, Access Industries, Blavatnik is now worth £28.63 billion, an increase of £8.63 billion.

David and Simon Reuben and family, meanwhile, were relegated to the fourth spot on the list. Their worth, according to the Sunday Times Rich List, is £24.4 billion, representing an increase of £2.13 billion.

Sir James Dyson and family, previously second, fell to the fifth spot with £23 billion. Their worth did not increase or decrease significantly, the list claims.

Denise Coates and her family, on the other hand, are situated between Alex Gerko and Anders Holch Povlsen. Gerko, previously ranked 89th, propelled himself to the prestigious 15th spot with £9.13 billion (an increase of £7.13 billion). Povlsen, on the other hand, took 17th place with a worth of £8.5 billion.

You can check the full list on the Times’s official website.

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