3 different IPTV players are available.

MulticastTV2.Net and MulticastTV2.D3d are UDP (RTP) MPEG transport stream players. Unlike MulticastTV2.Net, which by default uses EVR renderer, MulticastTV2.D3d uses custom renderer that depends on legacy D3DX components.
MulticastTV.Vlc, which is not developed any longer, uses Vlc's engine and can play basically any network stream not just MPEG-TS. Engine can be simply replaced by copying libvlc.dll, libvlccore.dll and all the plugins from Vlc (2.X) player.