Skywind Takes Legal Action Against Former In Touch Games Owners
Skywind, the online gambling company founded by billionaire entrepreneur Teddy Sagi, has launched a lawsuit against the former owners of UK-based In Touch Games (ITG).
Skywind takes former In Touch Games owners to court.
LISTEN TO THIS ARTICLE:The defendants are Simon Wilson, an iGaming entrepreneur, and his estranged wife, Yu-Lin. Skywind acquired ITG, which boasted nearly 5 million customers, for £53 million in June 2022.
Before the purchase, Skywind conducted thorough due diligence and found no signs of fraud or other issues despite whistleblower claims circulating at the time. The deal followed brief negotiations that began a few months earlier in the same year.
Multi-Million-Dollar Purchase Now Worth “Nil or Nominal”
Skywind is claiming that ITG was already set to fail due to intricate forgery. Early in 2023, ITG was fined £6.1 million by the UK Gambling Commission for responsible gambling and anti-money laundering failures identified in March 2022, shortly before Skywind’s acquisition of the company.
In August of the same year, the Gambling Commission informed Skywind that ITG had “knowingly altered” documents ahead of a 2021 audit by RSM UK, a risk management consultancy. Further compounding the issue, raids were carried out at ITG’s offices and forgeries relating to customer driver’s licenses were found. As a result, the operator’s license was suspended and subsequently surrendered by ITG.
Skywind claims that the £53 million company they bought now holds a value that is “nil or nominal.”
We are now seeking to recover the balance of our losses sustained on this transaction from the remaining sellers who we say were involved in perpetrating this fraud.
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Former Owners Deny Wrongdoing
Simon Wilson, the former owner of ITG, denies any illegal activity and refutes Skywind’s claims about the company’s lack of value. He argues that ITG’s license surrender was unnecessary and that Skywind still benefits from ITG’s brands and customers.
Yu-Lin, Wilson’s estranged wife, also denies any wrongdoing, attributing ITG’s decline and loss of value to poor management by Skywind. She further accuses Skywind of ineffective communication with the gambling regulator and claims that ITG surrendered its license needlessly.
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