Peter Coates is a prominent English businessman, best known as the co-founder and Chairman of bet365, a leading online gambling firm. Born in January 1938 in Goldenhill, Stoke-on-Trent, Coates is the youngest of 14 children and the son of a coal miner. His entrepreneurial journey began in the 1960s with the establishment of Stadia Catering, a company that provided concessions at sports venues, eventually merging with a competitor to form Lindley Catering. He later diversified into media by founding Signal Radio in 1983. [1, 2, 6, 8, 17]
Coates' entry into the betting sector started in 1974 when he purchased three betting shops, which grew into Provincial Racing, a chain of nearly 50 shops. A pivotal moment in his career came in 2000 when, at the suggestion of his daughter Denise, he transitioned into online gambling, launching bet365. The family famously mortgaged their betting shop estate for £15 million from RBS to fund this new venture. In 2005, he sold the retail betting shops for £40 million to focus entirely on the online business, which has since grown into a global enterprise with revenues exceeding billions annually. [1, 2, 6, 8, 13, 16]
Beyond his significant contributions to the iGaming industry, Coates has a deep and long-standing connection with Stoke City Football Club. He first joined the club's board in 1985 and served as chairman from 1986 to 1998. After a period away, he reacquired majority ownership of the club in 2006 for £1.7 million, injecting funds from bet365 to stabilize its finances and ultimately guide the team to Premier League status. While his son John Coates assumed the role of Chairman of Stoke City in August 2024, Peter Coates remains a director of the club. [1, 2, 6, 11]
Peter Coates continues to provide strategic oversight as the Chairman of bet365, working alongside his children, Denise Coates (Joint Chief Executive) and John Coates (Joint Chief Executive). The Coates family's collective fortune, largely derived from bet365, has consistently placed them among the UK's wealthiest, highlighting the immense scale and success of their online gambling venture. He is also known for his philanthropic efforts, notably donating £20 million to Staffordshire University in 2022 to launch The Peter Coates Fast Forward programme, aimed at fostering entrepreneurship. [1, 6, 8, 12, 16, 18, 19]
Career History
| Company | Role | Dates |
|---|---|---|
| Bet365 | Chairman | – present |