InFocus Launches Casino Platform Into US$3.4B Sweepstakes Market for Sale or Lease
InFocus completes proprietary sweepstakes casino platform Codexa
InFocus Group Holdings (ASX: IFG) has completed development of the InFocus Codexa Sweepstakes Platform, a full-featured sweepstakes casino platform built entirely in-house by its dedicated gaming technology business unit, InFocus Gaming Technologies Pty Ltd (IFG iGaming). The platform is now entering final testing phase with a global technical preview launch expected within weeks, positioning the Company to enter one of the fastest-growing segments in online gaming through a dual commercialisation strategy: white-label licensing and managed services, or potential outright sale of the platform or business unit.
The US sweepstakes casino market generated net operator revenue of approximately US$3.4 billion in 2024, according to KPMG, with market gross revenues exceeding US$10.6 billion. This positions Codexa in a multi-billion dollar addressable market characterised by strong demand for proven, scalable platform technology and limited global supply of platforms meeting institutional standards.
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What is a sweepstakes casino platform?
Sweepstakes casino platforms operate under sweepstakes laws rather than gambling regulations, creating a structural advantage that distinguishes them from traditional online gambling operations. This regulatory framework enables access in 35 or more US states, compared to just seven states where licenced online gambling is presently available.
The model allows players to participate without a purchase requirement, enabling rapid user base growth that traditional regulated gaming operators cannot match. Prominent examples include Virtual Gaming World’s Chumba Casino and stake.us, both of which have demonstrated the commercial viability of this approach.
For investors, the regulatory accessibility creates a substantially larger addressable market than traditional online gambling, explaining the segment’s rapid growth trajectory and the compelling commercial opportunity for platform providers.
Technical capabilities built to institutional-grade standards
Codexa has been engineered to a standard the Company believes is competitive with leading platforms operating in the sweepstakes casino space. The proprietary technology stack differentiates Codexa through cloud-native architecture designed for scale and operator flexibility, whilst the white-label readiness enables rapid deployment and eliminates multi-year development timelines for prospective clients.
Key technological developments include:
- Proprietary random number generation (RNG) engine
- Blockchain-verified fairness layer
- AI-driven player personalisation stack
- Cloud-native microservices architecture
- High-concurrency infrastructure capable of supporting hundreds of thousands of simultaneous users
Ken Tovich, Chief Executive Officer and Executive Director
“The completion of Codexa represents a significant milestone for InFocus and for IFG iGaming. We have built a technically capable, scalable platform from the ground up, drawing on the Company’s established expertise across software development, data analytics, and fintech.”
The institutional-grade technology standards position Codexa competitively against established platforms whilst the white-label model removes a major barrier for prospective operator clients, offering market-ready product without the capital outlay typically associated with building comparable infrastructure.
Dual-track commercialisation strategy
The Company is pursuing two parallel pathways for commercialising Codexa, both designed to capitalise on strong demand for proven, scalable, and legally compliant platform technology in a sector characterised by limited global supply.
The first pathway involves white-label licensing and managed services, under which IFG iGaming would provide the Codexa platform, ongoing technical support, and platform management services to third-party operators seeking to enter or expand within the sweepstakes market. This model is capable of generating recurring revenue streams and establishing long-term contractual relationships with operators.
The second pathway is a potential outright sale of the Codexa platform or the entire IFG iGaming business unit to a strategic acquirer. Given the active deal environment within the iGaming sector and the scarcity of proprietary, fully developed sweepstakes platforms, the Company believes this pathway has the potential to deliver significant value to shareholders.
The technical preview launch will serve as a working proof-of-concept for prospective licensees and acquirers, demonstrating the platform’s capabilities in a real-world environment and providing operational data to support sales and divestment processes.
| Pathway | Model | Revenue Profile | Strategic Outcome |
|---|---|---|---|
| White-label licensing | Platform + ongoing support/management | Recurring revenue streams | Long-term operator relationships |
| Outright sale | Platform or business unit divestment | Lump-sum realisation | Significant shareholder value |
The dual-track approach maximises optionality for shareholders, who benefit whether the Company builds recurring revenue or realises value through strategic sale in an active deal environment.
Market opportunity in US sweepstakes gaming
The US sweepstakes casino market represents one of the most compelling growth stories in online entertainment, with scale and momentum that demonstrates sustained commercial opportunity for platform providers.
From 2020 to 2024, the segment grew at an estimated compound annual growth rate of 60–70%, with momentum accelerating sharply during 2023–2024 driven by a wave of new investment and market entrants. Key growth metrics include:
- 2020–2024 CAGR: 60–70%
- 2024 gross revenues: US$10.6 billion
- 2024 net revenues: US$3.4 billion (after prize redemptions)
- 2025 gross revenue projections: above US$14.3 billion
- 2025 net revenue projections: above US$4.6 billion
- Market accessibility: 35+ US states versus seven states for licenced online gambling
The structural advantage of sweepstakes platforms operating under sweepstakes laws rather than gambling regulations, combined with mobile device ubiquity and no-purchase-required participation models, has enabled operators to build large, engaged user bases at a pace that traditional regulated gaming operators cannot match.
For investors, a multi-billion dollar market growing at 60–70% annually represents a substantial commercial opportunity for a platform positioned to capture operator demand in an environment characterised by limited supply of institutional-grade technology.
IFG iGaming’s development pathway
The Company initially commenced servicing the iGaming industry in November 2024, developing the VigoBet platform for GBO Assets. Seeing significant demand for the Company’s services in an industry where it possesses relevant core capabilities (fintech, data analytics, digital assets, and cybersecurity), InFocus established IFG iGaming in late 2025 as a formal strategic business unit to pursue opportunities within this sector.
Codexa is the first project to emerge from this strategic initiative. The platform leverages existing InFocus competencies across software development, data analytics, and fintech rather than requiring greenfield capability development, reducing execution risk for the commercialisation strategy.
Legal framework and operational approach
InFocus has sought independent legal advice in developing its sweepstakes gameplay model for Codexa. The Company confirms that the legal advisors were US-based and possess deep knowledge of this sector, and that Codexa has been developed in compliance with that advice.
To support its commercialisation efforts, the Company intends to operate a limited technical preview of Codexa as a live, commercially operated sweepstake in the United States. This preview is designed to serve as a working proof-of-concept for prospective licensees and acquirers whilst providing the Company with operational data to support its sales and divestment processes. InFocus’s role in this context is that of platform developer and operator of the technical preview only; the Company’s commercial objective remains the licensing or sale of Codexa to third-party operators.
In arrangements where Codexa is licenced to third-party operators, the parties’ responsibilities are clearly delineated. IFG iGaming will not be responsible for operating the platform in those arrangements. The Company will seek undertakings from licensees confirming that Codexa will be deployed only in jurisdictions where its operation is lawful, and licensing agreements will contain appropriate representations and warranties to that effect.
The legal compliance framework and clear delineation of responsibilities in licensing arrangements reduces regulatory risk exposure for the Company.
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What’s next for InFocus and Codexa
Codexa is now in its final testing phase, with a global technical preview launch expected within weeks. The Company is actively pursuing both commercialisation pathways concurrently, positioning to meet strong demand for proven, scalable platform technology in a market generating billions of dollars in annual net revenue.
The completion of proprietary platform technology represents potential new revenue streams for InFocus and positions the Company for either recurring licensing income or significant M&A value realisation in a sector characterised by active deal flow and limited supply of institutional-grade platforms.
Ken Tovich, Chief Executive Officer and Executive Director
“The sweepstakes casino market is one of the fastest-growing segments in online gaming, particularly in the United States, and we believe Codexa is well-positioned to meet the needs of operators in that market. We are now focused on executing our dual-track commercialisation strategy, through licensing and managed services agreements, and by pursuing divestment opportunities for the platform or the business unit.”
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