Regulators Launch Investigation into Portelli's Business LMCT+
LISTEN TO THIS ARTICLE:LMCT+, an Australian lottery business run by flamboyant investor Adrian Portelli, known for his appearance on the reality show "The Block," is currently under investigation in two states due to allegations of violating gambling laws.
Founded in 2018, LMCT+ functions as a type of lottery under a New South Wales license. The business employs a system aimed at attracting customers through prize incentives. In essence, it operates as a buyer's club subscription, offering discounts on products from various other companies.
Portelli Defends Lotto Business amid Investigations
According to Portelli, LMCT+ generated $60 million in revenue last year by selling subscriptions that ranged in price, with some costing up to $100 per month.
However, LMCT+ is currently the subject of investigations by gambling regulation authorities in both Victoria and South Australia, as reported by the Herald Sun. South Australia's Consumer and Business Services, as well as the Victorian Gambling and Casino Control Commission, have each received complaints regarding LMCT+ and are currently looking into the operations of the lottery.
Portelli expressed his welcome for the investigation, stating, "I pay six figures every week in tax, I'm happy to pay my tax. You can't be this public and not have everything in order,” He further added, "I welcome anyone to come here and question, tear it apart, bring it on."
Portelli has previously described the structure of his lotto business as a ‘trade promotion’ operating within the bounds of the law.
'It's different, it's a trade promotion. Maccas do the same thing with their Monopoly game and Woolies do it with ooshies, it's to drive customers to the store,' he said.
Related: Lotto Winners in Grenada to Be Taxed
Lambo Guy’s Controversies
Born on 26 January 1989, Portelli is a native of Melbourne, Australia. The 34-year-old is known for his love for fast cars and flashy lifestyle, which has earned him the nickname ‘Lambo Guy’. His public display of luxury has also made him a subject of controversy, drawing both admiration and mostly criticism from various quarters.
He recently made headlines for facing charges of careless driving after allegedly losing control of his car while going through a roundabout at Diggers Rest in Melbourne's north-west in December 2020.
Portelli appeared in Sunshine Magistrate's Court last Wednesday, where prosecutors proposed dropping two of the three charges as part of a plea deal. However, he declined the offer and stated his intention to contest all three allegations based on principle.
He was also in the news in May 2022 when he used a crane to lift a McLaren Senna sports car 57 storeys up into a $39 million penthouse in the Sapphire by the Gardens tower in Melbourne's CBD.
Recent Drama
In an interesting turn of events, Adrian Portelli has issued a warning to his fans that scammers have made fake social media profiles posing as Portelli and demanding credit card details from people. He added the colorful comment: "'I'm actually baffled that people are still falling for this s***."
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Regulators Launch Investigation into Portelli's Business LMCT+