Tag Archives: rank group

Rank to collect +£80m HMRC VAT settlement

SBC News Rank to collect +£80m HMRC VAT settlement

Rank Group Plc has reached an agreement with HMRC in relation to its outstanding VAT refund claim on slot machine income.  Providing a market update, Rank disclosed that HMRC has agreed to issue a refund of £77.5 million paid machine duties paid from April 2006 to January 2013. In April 2020, an Upper Tribunal judgement voted in favour of Rank …

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John O’Reilly: Reflections on 2005 Gambling Act needed for best industry outcomes 

SBC News John O’Reilly: Reflections on 2005 Gambling Act needed for best industry outcomes 

Rank Group Chief Executive John O’Reilly believes that a positive outcome to the government’s generational review of the 2005 Gambling Act should “rewrite the industry’s historical flaws”.  Delivering the keynote speech at the ‘Reputation Matters: UK Gambling’s Future at Stake’ conference, O’Reilly provided his leadership take on legislative developments amid concerns of how the UK gambling sector will be re-shaped …

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Rank Group identifies return to form for digital business in Q1 trading update

SBC News Rank Group identifies return to form for digital business in Q1 trading update

Rank Group has reported that its trading is ‘in line with expectations’, highlighting a return to growth for its digital business whilst its retail division has experienced significant expansion.  Publishing its trading results for the period ending 30 September 2021, Rank revealed a 5% year-on-year increase in net gaming revenue growth for its digital business whilst its retail division saw …

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EU Lotto fined £760k by UKGC for AML and social responsibility failings

SBC News EU Lotto fined £760k by UKGC for AML and social responsibility failings

The UK Gambling Commission (UKGC) has taken regulatory action against Lottoland operator EU Lotto, fining the firm £760,000 for social responsibility and anti-money laundering failures.  An investigation by the regulator concluded on 2 September that the company had failed to properly implement Commission’s formal customer interaction guidance, such as neglecting to recognise frequently changing deposit limits as an indicator of …

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Rank aiming to appeal UKGC’s £5.85m fine for Daub failures

gambling commission

The Gambling Commission is playing hardball with the Rank Group as it imposes a £5.85m fine for social responsibility and anti-money laundering failures at subsidiary Daub Alderney. The regulator is adamant  that gambling operators will face the full consequences of regulatory failures, even if breaches occurred prior to ownership, however Rank believes that there are both equity and public policy …

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Rank seeks new CFO following Floydd departure

SBC News Rank seeks new CFO following Floydd departure

Rank Group Plc has confirmed the resignation of Bill Floydd as Chief Financial Officer (CFO) of the LSE gambling group, who is moving on to join luxury retailer Watches of Switzerland.  An executive search has begun for Floydd’s replacement, as Rank’s financial officer will maintain the role until the end of year trading. The former CFO of Experian UK and …

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Rank seeks £80m final settlement with HMRC on machine duties

SBC News Rank seeks £80m final settlement with HMRC on machine duties

Rank Group Plc has been granted a 60-day extension by the First-tier Tribunal Tax Chamber (FTT) to resolve its settlement on incorrect gaming machine duties charged between 2005 and 2013 with HMRC.  The LSE gambling group is guaranteed a tax rebate as HMRC can no longer challenge its appeal previously rejected by an Upper Tribunal review – which serves as …

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Rank reorganises digital leadership to lead unit turnaround

SBC News Rank reorganises digital leadership to lead unit turnaround

Rank Group Plc has confirmed the promotion of Eitan Boyd to the leadership position of Group Chief Innovation Officer (CIO). Boyd is the former Chief Executive of Stride Gaming, the multi-brand igaming operator acquired by Rank in 2019 for £120 million. The promotion was disclosed by Rank governance updating investors on the LSE group’s digital progress, in which Rank stated …

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Rank calls for venue gambling laws to be rebalanced 

SBC News Rank calls for venue gambling laws to be rebalanced 

Rank Group Plc has urged the government to radically overhaul the laws governing UK land-based gambling venues, as a remit of its ongoing review of the 2005 Gambling Act.  Yesterday, the LSE gambling group published its 2020/2021 results, which revealed statutory losses of £93 million – as Rank’s trading was gutted by Grosvenor Casino and Mecca Bingo properties observing lockdown …

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