Coronavirus: bet365 announces multi-million package for employees

Bet365 has announced a multi-million pound package of support for its 4,000-strong workforce to ensure staff is not financially worse off amid the coronavirus pandemic.

The Etruria-based firm has revealed that all of its 4,389 staff will receive guaranteed earnings for at least the next five months to mitigate the effects of COVID-19. The company, which is owned by The Coates family, has also promised that there will be no job losses and no employees will be laid off until the end of August, StokeonTrentLive reports.

The same measures will also apply to Stoke City Football Club of which Peter Coates is chairman.

A spokesperson for bet365 said: "In times of uncertainty is was essential that we reassured our people of the commitment we have to them and the wider community. They have been instrumental in our success and will continue to be so throughout these troubling times and beyond, when normality will inevitably be restored."

Peter Coates, who co-founded bet365, has made no secret of the fact that both bet365 and Stoke City FC are going to face 'very difficult times ahead' after the evaporation of sporting events and the inevitable knock-on effect that will have for the online betting business.

In a recent interview with the Daily Star he said: "It will have a huge impact on the entire sector because there are very few markets. We're in for very difficult times. Relying on sport as we do – that's become virtually non-existent. There are a lot of unknown factors and we just don't know how the trading patterns will change."

For 2018/19 bet365 saw record revenues of £2.98 billion - up from £2.71 billion the previous year. Operating profit also increased by 12 per cent to £767.1 million; this compares to £682.2 million in 2017/18. And away from the coronavirus, bet365 looks set for another record year after signing a five-year lease on a 25,000 square-foot office space in Manchester city centre.