Codexa ROW brings real money iGaming to InFocus Group (ASX: IFG)
InFocus Group Holdings Limited (ASX: IFG) is extending its proprietary Codexa platform into Codexa ROW, a Rest of World product for licensed real money iGaming operators outside the United States. The move was announced on 8 October 2026 through its InFocus Gaming Technologies division (IFG iGaming).
Codexa ROW will let operators run real-money online casino businesses accepting both fiat currency and cryptocurrency, starting with Curaçao. IFG iGaming will be the technology provider only and will not operate gaming services.
For investors, the extension takes Codexa beyond the US sweepstakes market into what the company describes as a much larger global industry.
Ken Tovich, Chief Executive Officer and Executive Director
“Codexa was designed to be modular and scalable, so new markets and products can be added to the platform rather than built from scratch. Codexa ROW is the first major step in that direction.”
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A US$293 billion market heading to US$530 billion
Market size and growth
According to H2 Gambling Capital, global online gambling gross gaming revenue (GGR) grew from US$89 billion in 2015 to US$293 billion in 2024. It is forecast to reach US$530 billion in 2030, and online casino is forecast to generate US$233 billion of GGR in 2030.
The fastest-growing regions, driven mainly by online growth, are Latin America & the Caribbean and Africa. Figures are nominal, in US dollars.
| Region/Segment | 2024 GGR | 2030 forecast |
|---|---|---|
| Global online gambling | US$293 billion | US$530 billion |
| Latin America & the Caribbean | US$29 billion | US$51 billion |
| Africa | US$14 billion | US$31 billion |
Source: H2 Gambling Capital, as cited by InFocus. Online casino is separately forecast at US$233 billion in 2030.
Diversifying regulatory exposure
The company notes that the US sweepstakes market continues to be shaped by state-level regulatory change. It states that expanding into licensed real-money markets reduces its reliance on a single regulatory environment.
The Codexa sweepstakes platform was completed in March 2026 for a US market where sweepstakes laws, rather than gambling regulations, allow access across 35 or more states compared with just seven states offering licensed online gambling.
How Codexa ROW reaches new markets
Curaçao and crypto-native operators
Curaçao’s reformed regime under the National Ordinance on Games of Chance (LOK) requires operators to hold licences issued by the Curaçao Gaming Authority (CGA). From 24 December 2026, CGA-licensed operators may only obtain critical gaming services from suppliers registered with the CGA.
IFG iGaming intends to register as a supplier when registration opens, expected in Q4 CY2026, so Curaçao-licensed operators can use Codexa ROW.
InFocus will also target crypto-native operators. Codexa ROW will support cryptocurrency deposits and withdrawals through third-party payment providers, where the operator’s licence allows, and IFG iGaming will not hold player funds or digital assets.
Other jurisdictions where real-money online gaming is legal and licensable will be assessed, prioritising operator demand and the cost of regulatory entry.
One platform, two configurations
A white-label partner will be able to serve clients through Codexa’s sweepstakes configuration in the US and Codexa ROW’s real-money configuration, in fiat and cryptocurrency, in licensed markets elsewhere. Both run on one technology stack, back office and compliance engine.
Codexa’s lower operating requirements also make it easier for non-traditional operators to enter licensed real-money markets, including businesses and personalities with large audiences.
What is a white-label iGaming platform?
A white-label platform is software built by a technology provider and used by other businesses under their own brand. The operator runs the casino, holds the gaming licence and deals with players, while the provider supplies the underlying technology.
Under this structure, IFG iGaming describes itself as the technology provider only. Operators using Codexa ROW are responsible for obtaining and keeping all required licences, and revenue is expected to come from licence and service fees rather than from operating gaming services.
Compliance, operating model and commercialisation
Built-in compliance and operator responsibility
Operators must comply with all applicable laws, including AML, responsible gambling and consumer protection obligations. IFG iGaming will require operators to give warranties and indemnities covering their licensing and legal compliance, backed by the platform’s built-in controls.
The in-house AI compliance engine first appeared in the August 2026 Codexa upgrade, which paired anti-fraud, AML and KYC tooling with a library of more than 6,000 games for the US market.
Planned capabilities include:
- Real-money gaming: wallets, deposits and withdrawals, and bonus and promotions management
- Payments: local fiat payment methods and cryptocurrency through third-party providers, in multiple currencies
- Compliance: an in-house AI-enabled compliance engine covering anti-fraud, AML and KYC (including real-time transaction monitoring, identity verification and sanctions screening), plus geo-fencing, age verification and responsible gambling tools
- Content: game content set up for each operator and jurisdiction, subject to game providers’ own licensing and certification requirements
- Localisation: interfaces in multiple languages and regional settings
As standard, Codexa ROW will block access from prohibited jurisdictions, including Australia and the United States.
Revenue model, timeline and funding
Codexa ROW will be offered under the company’s existing white-label licensing and managed services model. Revenue is expected to include a monthly licence fee, a percentage of gaming revenue, and managed services fees such as IT infrastructure, deployment and maintenance, with the fee structure expected to differ by customer depending on expected scale.
The company expects Codexa ROW to be commercially available in early 2027, subject to completion of development and testing and supplier registration with the CGA. Development is funded from existing cash reserves, including proceeds from its recent placement. The announcement does not disclose an amount.
Discussions with potential white-label customers for Codexa are ongoing. The announcement does not disclose any contracts or revenue figures.
InFocus will also attend ICE Barcelona in January 2027, with a delegation led by Chief Executive Officer Ken Tovich.
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