Adrian Portelli Defends LMCT+ Prize Model Amid $15M Block House Giveaway
Adrian Portelli, a billionaire entrepreneur known for his passion for luxury cars, has dismissed claims that his company, LMCT+, exploits legal loopholes through its prize giveaway model. This comes after LMCT+ announced a massive giveaway of all five houses from The Block, which Portelli purchased at auction for over $15 million.
LMCT+, which stands for “licensed motor car trader,” operates as a membership-based rewards platform offering discounts and access to prize draws. The company has grown rapidly since its 2018 inception, boasting over 300,000 members and claims to have given away $70 million in prizes, including cars, bikes, boats, homes, and cash.
Currently, members can enter a draw for The Block houses or opt for an $8 million tax-free cash prize. Portelli insists the business model is transparent and within legal bounds, despite the lack of visible odds on the LMCT+ website. Critics have questioned whether the system ensures fairness and whether odds are disclosed to participants.
Even without additional purchases, LMCT+ generates substantial revenue from its subscription tiers, ranging from $19.99 to $99.99 per month. Based on its member count, the platform could earn between $72 million and $360 million annually.
Portelli, often referred to as the “Lambo guy” for his love of fast cars, including Lamborghinis and McLarens, began his journey working in his father’s truck repair business. He has since become a public figure, frequently showcasing extravagant purchases, including craning a McLaren Senna GTR into a $39 million Melbourne penthouse.
While Portelli’s flamboyant style draws attention, his company faces growing scrutiny as it embarks on one of its most ambitious giveaways yet. LMCT+ has not responded to requests for comments regarding the visibility of draw odds or how they are communicated to participants.
