Rank's Spanish business Enracha and Yo hit by EU7 million fraud
Rank Group PLC on Monday said its Spanish business, Enracha and Yo, has been the target of payment fraud, in new blow to the casino and bingo operator.
Maidenhead, England-based Rank, which owns brands such as Grosvenor Casino and Mecca Bingo, said the fraud totalled around €7.1 million.
In response, its shares fell 6.8% to 98.20 pence each in London on Monday morning, hitting a low of 95.40p. The stock remains up 16% over the past year.
According to Rank’s website Enracha operates from nine venues and offers bingo, electronic casino and slots, sports betting, food and drink, and live entertainment.
Rank said it has reported the matter to law enforcement authorities and is supporting their investigations. It also is carrying out its own internal investigation, with the help of an external law firm.
Rank will treat the financial impact of the fraud as a separately disclosed item in its financial 2026 accounts, given the exceptional nature of the incident.
In November, Rank said the total annualised impact of the additional costs from changes to betting duty, introduced in the UK budget, on the group’s operating profit is a reduction of around £40 million before mitigation.
In the financial year that ended June 30, Rank reported operating profit of £67.0 million.
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