CEO and major shareholder of the Bet365 betting giant, the latest numbers reveal that she earned 542 million in one year. She has succeeded because she has staked everything on what she thought could win. And she won big!
But, Denise Coates started from the bottom. Very low. A position that is similar to what most of the people who read this article are in themselves.
She had a very humble job. She was a cashier. It was there she discovered how this world worked. She decided to try to make it work her way.
There is a specific reason she has managed to go all that way. A rule of life that she applied. A lesson for us that I will explain to you at the end of
Keep reading, Denise Coates’ life is amazing. According to the latest Sunday Times ranking, Coates has a personal fortune of over 8 billion euros, ranking sixteenth among all the scroungers in the UK.
A small mobile office in gray, in Stoke-on-Trent, in the English Midlands. It is here that in 2000 Denise founded the betting company with her father Peter and brother John.
Little by little, it added room and gained first its clientele and then its share of the market. In the United Kingdom, in fact, the desire to bet, borders on neurotic
“Tens of millions of Brits playing the lottery or betting on horses, football, poker, bingo, online casinos”.
She got involved in this passion of her fellow villagers. But in the beginning, it was still a small business. Nothing extraordinary.
Without what happened next she wouldn’t be so famous and rich.
Denise was originally a cashier at her father Peter’s agency, Provincial Racing. She did this while still in school. She was an ambitious woman.
The entrepreneur, born in 1967, also holds a degree in econometrics from the University of Sheffield.
After a while working in this industry and learning the tricks of the world of betting she understood the potential of the internet for the future of sports gambling.
No entrepreneur and investor in London 20 years ago believed in his project. She had great ideas.
Do you think she surrendered to their belief? Absolutely not. She did what only 0.0001% of people dare to do.
She had to find any way to get his project off the ground.
Denise Coates buys the bet365 domain on eBay. com. Immediately after the launch of the website in 2001, the platform met with resounding success.
It was one of the first internet sites where online bets could be made. She realized that to develop and get the site off the ground, the company needs liquidity.
Because she wanted to take over the world, not just the UK. Using the online network could reach millions of users.
This was her bet:
“To bet everything on this company. So she convinces the family to ask for a 20 million pound loan to create an online site and invest mainly in marketing ”.
If she went bankrupt, her family would go bankrupt. It’s a bit like taking all your savings out of the bank and betting it on a team’s victory in the Super Bowl or a basketball game or a horse race.
Would you ever do something like that? Yes, but it wouldn’t be quite the same. We are talking about 20 million pounds.
Do you know what it’s like to burn 20 million in a bankrupt business? It means to destroy yourself psychologically if you are not used to those figures. It means risking not sleeping at night for months and years. It could ruin your life.
Yet, she was convinced that she was right. Every day of the year she earns almost 1.37 million euros or $57,000 per hour. She is one of the richest women in the UK and certainly the highest-paid CEO in the country.
Today Denise is fifty-three and Bet365 is one of the leading UK betting companies along with Ladbrokes, William Hill, and Paddy Power.
In short, it is now a well-structured company. So much so that she has repeatedly reported that her over 4,600 employees do not risk their jobs despite the economic crisis due to the world situation.
There is one more fact that I have not told you about. In 2005 there was a fundamental turning point for Bet365.
In fact, the lesson learned from Denise’s story is not so much in her courage, the faith she had in her project. Or the fact that she didn’t think about the likelihood of failing. She was not afraid and put all of herself into her business.
The lesson she gave us, in my opinion, is more sophisticated. It is more specific and relates to our time.
“It happened in 2005, she sold the entire chain of its betting centers for around 47 million euros”.
“She has bet (once again) everything, only this time it’s online”.
In jargon, this action translates into a concept that was also dear to Steve Jobs. I mean CANNIBALIZE.
What does it mean? It means, in a company, that an obsolete product and department is consumed by another product or sector.
But if you don’t have the courage to do it at the time, the problem, is that you risk sinking with the thing that is obsolete.
Then you have to be ready to let go of something that sooner or later won’t work anymore. The sooner you do it, the sooner you will earn.
It also happens to people, on a personal level. It is not just about corporations and businesses. For example, if a habit of yours no longer works as it once did, you must abandon it as soon as possible and do something else.
If you do a job that doesn’t perform as it used to, you have to have the courage to change it for something else that works.
We live in a fast and fluid world. These changes will happen more and more often and must be sought out.
Denise did it, she decided to find serenity and quiet elsewhere. In her private intimate family life, she now lives in absolute privacy.
She is married to Richard, has five children, four of whom were adopted in 2014 from the same family, and lives on a country farm in Betchton, Cheshire.
She drives an Aston Martin and is very philanthropic
Over the years she has donated more than £ 150 million to charity, also creating the Denise Coates Foundation to help hospitals and Alzheimer’s research. And last year alone she donated another one hundred million.
I believe for these reasons she is a woman of inspiration. She inspires many, including me.
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