Betfred, owned by billionaire brothers Fred and Peter Done, has already been paid £97.7million, while William Hill has been paid £208.3million.
Entain, which runs about 3,000 Ladbrokes and Coral betting shops, has received £217.5million, while Flutter, the owner of Paddy Power, has been paid £15.9million.
Fixed-odds betting terminals once made up the bulk of bookmakers’ profits.
But their addictive nature saw them dubbed the ‘crack cocaine’ of gambling.
In 2018 the Government curbed profits by reducing the maximum stake on each spin from £100 to £2.
Rank said it would use the refund cash to strengthen its balance sheet and to fund continued investment in its ‘transformation programme’.
Analysts at Peel Hunt said Rank was now ‘well-positioned to invest selectively as it weathers a somewhat uncertain winter’.
‘With increased investment in the estate now possible, both from operating cash flow and the VAT refund, the casino estate should exit the Covid-19-affected periods in a strong position,’ they said.
‘As the consumer becomes more discerning and increasingly targets spending onexperiences, as opposed to assets, we believe Rank’s estate offer will offer welcoming and well-invested sites.’
Rank shares have risen 0.7 per cent to 152p.