ITV Win to Close Amidst Financial Challenges Linked to UK Tax Changes
ITV Win to Cease Operations Soon
ITV Win, a real-money gaming site owned by the prominent UK broadcaster ITV, is set to close just months after its initial launch. The shutdown is largely due to financial difficulties faced by its operating partner, Richmond Atlantic, which have been intensified by recent changes in the UK tax laws affecting the gambling sector.
Background of ITV Win and Its Partners
ITV Win began operations in January, aiming to tap into the increasing popularity of online gaming, including slots and bingo. The platform was launched in collaboration with Richmond Atlantic, a company based in Gibraltar, and utilized technology services from Gaming Innovation Group (GiG) located in Malta.
Financial Struggles Triggered by Tax Increases
Richmond Atlantic was unable to secure external investments, which worsened its financial state amid the introduction of the UK’s new gaming tax regime. This tax hike saw the rate on online slots revenue jump significantly, nearly doubling from 21% to 40%. Despite objections from many operators, the government went ahead with enforcing these new tax rates, placing severe pressure on operators like Richmond.
As a result, Richmond has decided to scale back its operations, leading to the elimination of approximately 40 jobs. Ultimately, the company has chosen to discontinue the ITV Win brand entirely, citing the unsustainable nature of business under the new tax code.
Attempts to Sustain the Business and Final Closure
A spokesperson from Richmond Atlantic shared that despite exploring various alternatives, including trying to sell the company to another UK-focused operator, no viable sale could be finalized. This left the firm with no choice but to wind down its business.
ITV representatives have confirmed the closure plans and have informed all active users. Players have been advised to withdraw any remaining funds from their accounts promptly. Customers who do not act within the specified timeframe will be contacted directly to ensure their funds are returned.
