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Rank Group’s Spanish operations hit with €7.1M payment fraud
Owner of Grosvenor Casinos and Mecca Bingo, Rank Group, revealed the company is facing major financial difficulties after a €7.1 million payment fraud in its Spanish operations caused shares to fall by 9%.
The payment fraud has affected the group’s Enracha and YoBingo businesses.
Rank Group is now conducting an internal investigation and has also informed the necessary law enforcement agencies. The impact of the fraud will be noted in the company’s 2025-2026 financial results as an exceptional item.
Rank Group announced:
“The group has reported the matter to the relevant law enforcement agencies and is supporting their investigations, as well as carrying out its own internal investigation with the help of an external law firm.”
Rank was also hit with the UK remote gaming tax reforms, which increased the tax rate from 21% to 40%, as the company warned that the tax rise could cut its annual earnings by €52 million.
Despite the losses, Rank Group has invested in improving its offerings and customer risk management. The company believes these efforts will be successful after new government reforms aimed at easing restrictions on gaming machines and betting in casino venues are introduced. Rank plans to introduce an additional 850 machines in its casinos in 2025.
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