Britain’s biggest betting bosses win £100m in seven years – crippling fines slapped on their businesses for failing to tackle problem gambling
- Betting conglomerate Flutter CEO Peter Jackson received £8.4m last year
- The firm was fined £1.7million in March for sending offers to people who opted out
- Entain, fined last month for ‘unacceptable’ failures, paid his boss £2.53million
- Gaming reformers have called on companies to take more responsibility
The bosses of Britain’s biggest betting companies have received almost £100million since 2015, eclipsing the fines imposed on their companies for failing to tackle problem gambling in the UK.
Campaigners are angry that executives are reaping vast rewards while dumping customers racking up painful losses.
The boss of giant betting conglomerate Flutter, which owns Paddy Power and Sky Bet, ranks among the 20 highest paid bosses in the elite FTSE 100 Index of companies.
A Mail on Sunday survey into CEO pay found that Flutter CEO Peter Jackson received £8.4million last year. In March, the company was fined just £1.17million for sending ‘free spins’ offers to people who asked to be excluded from such marketing.
Rival gaming giant Entain – which owns Ladbrokes, Coral and Foxy Bingo – paid its current chief executive, Danish businesswoman Jette Nygaard-Andersen, £2.53million last year. She and her predecessors, Shay Segev and Kenny Alexander, have received £68m since 2015.
Entain was told to pay £17m last month for ‘completely unacceptable’ failures. It was the biggest fine ever imposed by the Gambling Commission, but it pales in comparison to the largesse given to the bosses.
Gaming giant Entain – which owns Ladbrokes, Coral and Foxy Bingo – paid its current chief executive, Danish businesswoman Jette Nygaard-Andersen (pictured), £2.53m last year
More than 400 people kill themselves every year because of problem gambling, according to Public Health England.
Matt Zarb-Cousin, director of campaign group Clean Up Gambling, said: “This is clearly a very bloated industry that has gotten away with a lack of regulation for so long.” These companies derive the majority of their income from dependent or at-risk people.
Entain, which is based in the tax haven of the Isle of Man, faces losing her license if she doesn’t make amends.
Former Tory leader Iain Duncan Smith, MP, who has advocated for reform of the gambling industry, said: ‘Companies should be made to take greater responsibility for the abuses that are happening.’
Former Tory leader Iain Duncan Smith MP (pictured in July) said companies should be made to take ‘greater responsibility for the abuses that are happening’
“They shouldn’t be allowed to target problem gamblers. They should do more to check where people’s money is coming from and [stop] excessive betting that clearly exceeds people’s income.
He called on ministers to review gambling reform, which was scrapped due to the Tory leadership race.
A spokesperson for Entain said: ‘The amounts involved include long-term incentives that have been accrued and paid out over a longer period. He added that the payments reflect the fact that the board had upgraded the company from a small business to a FTSE 100 company.
Flutter, who was contacted by the MoS for comment, claimed all executive salaries were tied to safer gambling measures.