Adam Roarty is a journalist covering sports betting, regulation, and industry innovation for CasinoBeats. His coverage includes tax increases in the UK, covering breaking stories in the ever-evolving landscape of US betting such as the...
Read Full BioUK television network ITV is launching its own online gambling platform, which will feature online slots and bingo. The channel was launched in 1955 as a rival to the BBC and has been an integral part of British culture ever since. Despite this, the gambling operation will be based offshore in Gibraltar amid higher gambling tax rates on online gaming in the UK.
The venture, ITV Win, has its own website, which currently states, “We are working hard to bring you all your favourite games and entertainment soon!”
ITV Win is already part of the main ITV website, offering users the chance to enter prize draws and lotteries. Next.io first broke the news that the company will be expanding into online slots and bingo through Gibraltar-based business Richmond Atlantic.
ITV Win: A ‘Fun, Safe, Entertaining Place’
CEO Adam Joseph stated, “The ITV Win brand is a fun, safe, and entertaining place to play. We’re working hard alongside platform partner GiG to ensure that we not only meet but exceed player expectations. The full launch is next month, when we intend to bring together a fully integrated campaign, including TV advertising.”
GiG is also based offshore in Malta. Many UK gambling companies have set up headquarters in Gibraltar and Malta, two offshore territories with historical ties to the British Empire, as a means to reduce their tax burden.
Sky Bet, part of the Flutter gambling group, recently relocated its headquarters to Malta. The relocation is estimated to save the company as much as £55 million ($72 million) in annual taxes.
The UK recently increased the tax rate on online slots from 21% to 40%, further highlighting the need for operators to find ways to mitigate costs.
Game Show Fans Represent Target Audience
ITV hosts several popular game shows, including The Chase, Deal or No Deal, and Who Wants to Be a Millionaire? Fans can already play the games for free online, and the new venture aims to convert these players into paying customers.
Up to 50% of first-time depositors (FTDs) are expected to be achieved by successfully converting the existing ITV Win audience to the ITV Win Bingo & Spins product.
The platform is expected to launch fully next month and has been in preparation since the spring of this year, well before the new tax rates were announced in November. To mitigate the increased rates, a reduction in bonuses will be implemented to maximize revenue.
Other operators have also had to adjust to rising rates, and flagship UK betting brand William Hill may yet be sold due to the impact. Parent company Evoke announced to shareholders last month that it was undergoing a strategic review that could lead to the sale of the entire group or specific products, such as William Hill or 888.
