ITV Win to Close as Operating Partner Faces Tax-Related Struggles

ITV Win, a real-money gaming platform owned by the leading UK broadcaster, is set to shut down mere months after launching. The platform’s closure comes as its operational partner, Richmond Atlantic, encountered financial struggles due to the UK’s new tax regime.

ITV Win Prepares to Shut Down

ITV Win launched in January, seeking to capitalize on the growing demand for gaming products. The brand went live in partnership with Gibraltar-based Richmond Atlantic and was powered by technology provided by Malta-based Gaming Innovation Group (GiG).

However, Richmond failed to secure external investment, leading to financial setbacks which were exacerbated by the UK’s new gaming tax. As a result, the ITV Win operational partner has decided to scale down its business. This has led to the planned reduction of some 40 staff members.

In addition to that, Richmond confirmed that it will be winding down the ITV Win brand. The former company cited Britain’s new tax regime as one of the chief reasons for the decision. For context, the UK online slots taxes skyrocketed from 21% to 40%, sending shockwaves across the gaming industry. While multiple operators protested against the taxes, lawmakers proceeded with their implementation.

The New Tax Regime Made Business Unsustainable

Speaking to NEXT.io, a Richmond spokesperson said that the company’s efforts to mitigate the damage caused by the UK’s new tax regime have been insufficient and that the business will be unable to continue in the new tax environment.

The spokesperson added that their team has explored all options, including selling Richmond to another UK-facing operator. However, no such sale went through, forcing the Richmond team to make the difficult decision to wind down its business.

An ITV spokesperson confirmed the closure of the ITV Win site, saying that all customers have been informed of the upcoming closure. Existing players have been encouraged to withdraw all funds from their ITV Win wallets. Those who fail to do so within the set period will be contacted manually at a later date.