Rank Group Suffers $8.33M Payment Fraud in Spain

Rank Group’s shares have slid on the news that its Spanish operations and business unit have suffered a EUR 7.1 million ($8.33 million) payment fraud incident. 

Rank Group Suffers from a Payment Accident – Investigations Ongoing

Presently, local police authorities are involved and investigating the accident with the company operating nine venues under the Enracha brand, as well as two gaming and betting sites under the Yo branding. 

The company is, at the same time, conducting an internal investigation, having secured independent legal counsel to look into the events that led to the transaction. In a statement, the company said:

“Given the exceptional nature of this incident, Rank Group expects to treat the financial impact as a separately disclosed item in relation to its 2025/26 performance.” 

The news was confirmed earlier today (December 22), and has described the accident’s “exceptional nature.” Despite the incident, Rank Group assured that the business is in a strong cash position, with the crime evidently adding to the burden of operating in highly-regulated markets.

At home, Rank Group will face a tougher tax regime come next year, adding further strain to its operations. Vis-à-vis the tax increase in the United Kingdom, Rank Group already expects to lose GBP 40 million ($53.75 million) of its operating profit. 

More details will be shared as they become available. In the meantime, this is not the first time a large gambling company has been hit by criminals.

Gambling Companies Targeted All Over the World

Last week, MGM Resorts International began paying out a $45-million settlement, the result of a class-action lawsuit leveled against the company in relation to a data breach that exposed consumer information. 

Another property, OYO Hotel & Casino, was targeted by cybercriminals at the beginning of the year, with the public finding out only in late October. The attack, too, resulted in a data breach.

Rank Group is only the latest company to have been targeted. The mode of the attack, as well as further details, will hopefully become available later on.