Denise Coates Bet365, Brexit Deal, Taiwan Elections: Broadsheet November 26
Good morning, Broadsheet readers! Emma Hinchliffe here, subbing in for Kristen and Claire. (You might have seen me in the Broadsheet before; hi!). Theresa May’s Brexit deal gets approved by the EU, President Tsai Ing-wen faces a referendum on her leadership in Taiwan, and a billionaire makes a splash as one of the world’s 500 richest people. Have an amazing Monday.
• Bet on this. The world's 500 richest people isn't a list that sees a ton of movement. Barring a Theranos or two, billionaires tend to stay put.
So when a new billionaire arrives, it makes a splash. Denise Coates did just that on Friday, arriving at No. 391 on the Bloomberg Billionaires Index when her company, Bet365, released record financial results.
Coates's name might not be one you've heard before, but after seeing these eye-popping numbers, it'll be etched in your brain.
Coates is the highest paid female executive in the world, according to The Guardian, with earnings of £265 million, or about $340 million, in 2017—three times what Tim Cook earned for running Apple.
Her net worth of $4.5 billion makes her 10 times richer than Queen Elizabeth II. Her £5.8 billion ($7.4 billion) company oversees £52.5 billion in online gambling.
And among 17 U.K. billionaires on the 500 richest people list, Coates is the only woman.
Coates founded U.K.-based Bet365 as an online sports betting company at the turn of the millennium, borrowing against bricks-and-mortar betting shops owned by her father to build the company into what could be the world's biggest online gambling business, with a claimed 35 million customers.
Coates owns half the company, with the rest held by family members. Even for a family-owned company, Bet365 is famously private, and Coates rarely gives interviews.
Her own wealth draws criticism from some given its origin in the gambling industry; one critic pointed out that her compensation is 26 times what the entire industry contributes to treat gambling addiction.
And her 2017 pay—which she allocated herself as CEO of the privately-held firm—was more than a third of the company's profits.
Coates's appearance on the radar of billionaire-watchers is just in time. Bet365 could soon enter the U.S. market, after the Supreme Court opened the door to legalized sports betting in May. Gamblers, and billionaires' lists, take note.
ALSO IN THE HEADLINES
• No-deal no more? U.K. Prime Minister Theresa May's Brexit deal was approved by 27 EU leaders at a summit on Sunday. But now the deal has to be approved by the U.K. parliament, a tough prospect. Fortune
• Tsai's tightrope. In Taiwan, President Tsai Ing-wen also faced a referendum on her leadership this weekend. Tsai resigned as president of the Democratic Progressive Party after it saw widespread losses to the Kuomintang Party, which supports closer ties with China. The results make Tsai's upcoming bid for reelection as president especially tricky. New York Times
• Put stock in sisters. The four Reddy sisters took over Apollo Hospitals from their father. Now, the $2 billion hospital chain—the largest in India—is making a comeback. Bloomberg
• Aruba's authorities. Now on to Aruba, where women hold a significant number of the top jobs in government, led by Prime Minister Evelyn Wever-Croes. Wever-Croes' determination to find even more women to serve in public office stands in contrast to other countries, where women's progress in such positions has stalled. New York Times
MOVERS AND SHAKERS: Kate Swann will step down as chief executive of the British travel food retailer SSP.
IN CASE YOU MISSED IT
• Friendly faces. How charming is this? Five women in Colorado who are longtime friends and were bridesmaids in each other's weddings all won their races for state office this month. Kerry Donovan, Tammy Story, Faith Winter, Jessie Danielson and Brittany Pettersen will soon be serving in the state senate together, some as first-timers and others after reelection. It's not that surprising, considering the five are friends from working together in progressive politics, but it's still a nice milestone. People
• Thanks for nothing. This year's Macy's Thanksgiving Day Parade was the first one in more than 20 years without Matt Lauer, who, in case you forgot, was fired from NBC over sexual harassment. That made some Thanksgiving parade viewers "thankful" for his absence, as Hoda Kotb gained the co-host spot alongside Savannah Guthrie. New York Times
• Women behind the walkout. Remember the Google walkout? The protest's six organizers spoke to journalist Kara Swisher on her podcast about the walkout and Google's response, which included dropping forced arbitration for sexual harassment cases. "You don’t have 20,000 people in the streets planned in three days if there isn’t something deeply, structurally wrong,” says Meredith Whittaker, walkout organizer and founder of Google’s Open Research group. Recode
• No Love. Just before Thanksgiving, Republican Rep. Mia Love lost her seat in Utah to Democrat Ben McAdams. It was an incredibly close race—decided by 694 votes—and President Donald Trump had singled out Love as a Republican who lost because she "gave [him] no love." Washington Post
ON MY RADAR
Lean out: Why is everyone so ready to forgive the man who really runs Facebook? New York Times
The four sisters behind Yuengling Business Insider
An all-female writing team gives She-Ra a modern makeover for a new Netflix reboot LA Times