Adrian Portelli's LMCT+ giveaway business targeted by gambling reforms
By
Angus Delaney, Natassia Chrysanthos
Toasted just enough. A reliable bake, gently seasoned.
Summary
Adrian Portelli's giveaway business LMCT+ is set to be outlawed under new gambling reforms targeting unregulated lottery-style operations. Consumer Affairs Minister Kearney criticized the lack of transparency in such businesses compared to traditional regulated lotteries. Portelli's lawyers have urged the government not to paint the entire industry with the same brush. LMCT+ has been operating since 2018 and made a $60 million profit in 2023, with Portelli gaining fame for buying luxury homes on The Block.
Key quotes
· 2 pulledI think there's no transparency for the consumer
The traditional lottery products operate in a highly regulated model. There are integrity provisions, and so on, that are in place that guarantee the size of the prize pool, how many tickets are sold … the price of the tickets is regulated, everything is regulated.
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