The huge rise from his $2.2 million pay package in the previous year is mostly due to Mr Odell cashing in just over $2 million of deferred bonus payments that came through in the year.

Almost $1 million of deferred short-term incentive share rights vested in the 12 months ended September 30, up from $140,000 in the previous year. A further $1.3 million in long-term incentive share rights also vested in the year, compared with zero in the previous year.

The 56-year-old executive received $1.6 million in cash bonus payments, some of which were linked to the $US1.3 billion acquisition of US group Video Game Technologies in July. His fixed remuneration rose 2 per cent to $1.6 million.

On an accounting basis, which looks at cash and shares granted in the year – some of which will be paid in later years – and also credits performance rights forfeited during the year, Mr Odell's total remuneration increased to $5.2 million, from $4.5 million in the previous year.

The pay jackpot ensures Mr Odell retains his title as the highest-paid gaming chief executive in Australia.

Using his accounted salary of $5.2 million, Mr Odell would have moved up the ranks of executive pay to the 35th best-paid boss in the country. Due to Aristocrat's September financial year, however, Mr Odell's previous year pay was used in the latest Financial Review executive salary survey and this placed him 48th best paid.

Aristocrat shares have gained 47 per cent in the past year and were steady at $6.46 on Thursday morning.