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Bosses of some of the UK’s biggest gambling operators, William Hill and Paddy Power and GVC have refused to take a pay cuts whilst taking advantage of taxpayer’s money to pay their furloughed staff.
Wage Subsidy Scheme and Tax Relief
William Hill are reportedly taking advantage of the wage subsidy scheme to the tune of £30 million per month plus a business rate holiday, while the current Covid-19 pandemic is ongoing. Paddy Power are making savings of £400,000 on business rates per month.Whilst other major businesses within the industry have forgone the government’s help, some have come up against strong criticism for not following their rivals.Kenny Alexander, GVC boss and owner of Ladbrokes will also receive his full salary of £860,000 although more than 15,000 shop staff are having 80% of their wages paid by the UK taxpayer. £3.8 million in bonuses will be postponed while his salary is reviewed.William Hill currently have 8,000 staff furloughed while 1,568 of their high street betting shops remain closed due to the lockdown. Boss Ulrik Bengtsson will keep his full salary of £600,000 but forgoes his annual bonuses and pay increase, which was due later this year.
Others Reduce Salary and Bonuses
Betfred and the Rank Group bosses have also reduced their salaries while Bet365, 888 Holdings and Betway are not taking advantage of UK government help.Government rushed through the new wage subsidy scheme when the country was hit with the Coronavirus pandemic. It allowed UK businesses to claim 80% of staff salaries whilst the lockdown continues. MP’s have urged highly paid company bosses to take pay cuts while taxpayer money is supporting their businesses.