Entrepreneur Adrian Portelli Defends Lottery Business Amid Investigations

Flamboyant businessman Adrian Portelli, widely recognized as “Mr. Lambo,” is facing scrutiny as his lottery business, LMCT+, comes under investigation in Victoria and South Australia. The business, founded by Portelli in 2018, is being probed for alleged violations of gambling laws, with regulators examining its operations closely.

Portelli Reiterates Commitment to Tax Compliance Amid Business Scrutiny

LMCT+ operates on a subscription-based model, where subscribers pay monthly fees ranging from $20 to $100, gaining access to exclusive competitions offering prizes such as homes, bikes, cars, and boats, along with discounts from motor vehicle businesses. The company reportedly raked in a staggering $60 million last year by selling subscriptions.

Portelli, who boasts a net worth he claims to be around $500 million, welcomed the investigation, asserting his willingness to cooperate fully, reported the Daily Mail. In response to the allegations, Portelli expressed that he pays six figures in tax every week and is content with fulfilling his tax obligations. He emphasized that being in the public eye requires meticulous organization and welcomed anyone to scrutinize his affairs, inviting them to question and thoroughly examine the situation.

Regulators in Victoria and South Australia have initiated investigations into LMCT+ following complaints received by South Australia’s Consumer and Business Services and the Victorian Gambling and Casino Control Commission. Despite the allegations, Portelli maintains the legality of his business, referring to it as a ‘trade promotion,’ similar to popular promotions run by major brands.

Portelli Boasts a Lavish Lifestyle on Social Media

Portelli has been in the public eye not only for his business ventures but also for his lavish lifestyle, which includes a collection of luxury cars, jetskis, and boats. He made headlines last year when he had a crane lift a McLaren Senna sports car 57 storeys into his $39 million penthouse in Melbourne’s CBD, despite not having fully paid for the apartment yet. He faced criticism for his actions, but Portelli remained unapologetic, defending his choices on social media.

Additionally, Portelli recently made a substantial investment in the property market by acquiring influencer Troy ‘Candy’ Williams’ Gold Coast property. The exact sale price of the five-bedroom, four-bathroom home, initially listed between $2.8 million to $3 million, remains undisclosed. Portelli also recently pledged to contest three driving charges stemming from an incident in Melbourne’s north-west over two years ago. Mr. Lambo faced charges of careless driving and two other driving offenses after allegedly losing control of his car. Despite an offer to drop the charges, he has refused, opting to spend substantial amounts on legal fees to defend his case.