The LMCT+ business, which is run by Adrian Portelli - also known as “Lambo Guy” -

gives away houses, cars and cash and claims to turn over $60m a year by selling subscriptions at up to $100 a month.

LMCT+ operates legally using a loophole in the law, but gambling regulators in Victoria and South Australia have launched investigations into the business.

Anti-gambling activists have also called for the loophole to be closed.

Mr Portelli shot to fame last year through his aggressive bidding on The Block.

He also craned a McLaren sports car into a $39m penthouse on the 57th floor of a new apartment tower in Melbourne that he claimed to have bought.

Mr Portelli “welcomed” the investigation, saying he had done nothing wrong.

“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 said.

“We’ve been operating for five years now. I welcome anyone to come here and question, tear it apart, bring it on.”

Mr Portelli said he had become a target “come from nothing” growing up in St Albans in Melbourne’s western suburbs and had financial success.

He hit the headlines this week when he challenged a “hooning fine” in the Sunshine Magistrates Court, saying he was willing to spend thousands in legal fees rather than pay the fine.

LMCT+ operates a “trade promotion”, a loosely-regulated type of lottery originally designed to allow businesses to attract trade by rewarding customers with prizes, under a license issued in New South Wales.

The product LMCT+ is selling is technically a subscription to a buyers club that offers discounts on products bought from other companies.

But it heavily markets its prize draws, charging up to $100 a month for a top-tier membership that comes with 10 lottery entries a month.

This masthead approached regulators in all states and territories except Western Australia with detailed questions about LMCT+’s compliance with gambling laws.

The Victorian Gambling and Casino Control Commission (VGCCC) and South Australia’s Consumer and Business Services (CBS) said they had received complaints about the company and were investigating.

“Your questions raise complex matters concerning legalities,” a spokesperson for the VGCCC said.

“We can confirm we have received multiple complaints about LMCT+ but are unable to respond further at this time as these matters are the subject of an ongoing investigation by VGCCC.”

A spokesperson for SA’s CBS said: “Consumer and Business Services has received complaints in relation to this matter.

“As it is currently an active investigation, we cannot comment further at this time.”

All the other regulators either said LMCT+ was operating within the law or declined to comment.

NSW’s Office of Fair Trading said it investigated LMCT+ last year but found no evidence the law had been broken.

Mr Portelli has previously described structuring his business as a trade promotion as “not a loophole” but “a legal way to give away a car”.

Alliance For Gambling Reform chief executive Carol Bennett said regulators should be “stepping up and looking at these kinds of loopholes and addressing it before it’s too late”.

“The minute we take our eyes off the ball – and we’ve seen this a million times in gambling regulation – something else will pop up,” she said.

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