First Codexa ROW contract commits USD 2.4 million minimum revenue
In an ASX release dated 16 October 2026, InFocus Group Holdings Limited (ASX: IFG) announced that its wholly owned subsidiary, InFocus Gaming Technologies Pty Ltd (IFG iGaming), has signed a binding conditional agreement with its first customer for Codexa ROW. The Customer has committed to a minimum fee of USD 2.4 million over the first 24 months, which equates to a minimum of USD 100,000 per month.
IFG iGaming will also earn a fee on total Gross Gaming Revenue (GGR) of up to 5%, plus managed services fees. The Customer is described as a private investor with interests in the entertainment sector, including sports and live music, and has asked not to be named.
The agreement marks the first committed white-label customer for the Codexa platform, secured within 12 months of launching IFG iGaming as a new strategic business unit.
Ken Tovich, Chief Executive Officer and Executive Director
“This is the point where Codexa moves from product to contracted revenue…”
Key terms at a glance
The table below summarises the material terms disclosed in the announcement.
| Term | Detail |
|---|---|
| Minimum fee | USD 2.4 million over the first 24 months (minimum USD 100,000 per month) |
| GGR fee | Up to 5% of total GGR through the platform (exact fee confidential) |
| Initial term | 24 months from the Commencement Date, renewing automatically for 12-month periods unless either party gives 3 months’ notice |
| Exclusivity | Six months from the Customer’s commercial launch, Prediction Markets Module only |
| Long-Stop Date | 30 September 2027, extendable by written agreement |
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Understanding prediction markets and the new module
The Customer has requested that IFG iGaming develop a Prediction Markets Module for Codexa ROW. The module is expected to take about nine months to complete.
What prediction markets are
Prediction markets are platforms that allow participants to trade contracts based on the outcomes of specific future events, such as elections, economic developments and sporting results. Market prices reflect the collective expectations of participants.
They differ from traditional betting products by allowing participants to buy and sell positions in event outcomes. The announcement notes they were recently popularised by platforms such as Kalshi and Polymarket.
IFG states that prediction markets share many characteristics with financial exchanges. Its existing expertise in blockchain technology, digital assets and financial technology infrastructure is described as making them a natural extension of the Company’s existing capabilities.
What IFG iGaming is building
The Module will add event-based markets, market creation and settlement, and position management to Codexa. It will be integrated with Codexa’s real-money wallets, AI-enabled compliance engine, responsible gaming tools and social player experience.
The AI-enabled compliance engine, built in-house to cover anti-fraud, AML and KYC, is a central part of how IFG iGaming positions Codexa against other white-label platforms.
IFG iGaming develops the Module at its own cost. Prediction market products will be offered only where the operator’s licence and local law allow them.
The characteristics shared with financial exchanges include:
- Order matching
- Price discovery
- Trading
- Position management
- Settlement
Mr Tovich said the Customer “has asked us to build something we believe the market has not yet seen: real-money casino gaming and prediction markets on a single, compliance-first platform…” The claim is presented as the CEO’s belief.
Revenue structure and IP ownership
How the revenue works
The minimum fee of USD 2.4 million is a contractual commitment, payable from commencement. Both the GGR fee and managed services fees count towards it.
Any shortfall is measured at the end of the Initial Term and is payable within 30 days. The Customer must also pay the difference if it does not complete a minimum 24 months.
Revenue above the minimum depends on the Customer’s operating performance and is not guaranteed. Managed services fees cover infrastructure, hosting, deployment, maintenance and support, and are charged on an agreed rate card that scales with concurrent users, traffic and operating needs.
IFG keeps the intellectual property
IFG iGaming owns all intellectual property (IP) in Codexa, Codexa ROW and the Prediction Markets Module, including any features or modifications the Customer requests. The Customer owns its brand and trademarks and licenses them to IFG iGaming to deliver the services.
Exclusivity runs for six months from the Customer’s commercial launch of the Module. During that time IFG iGaming will not deploy the Module for another operator, but may market, demonstrate, negotiate and sign agreements. Codexa and Codexa ROW are not otherwise restricted.
After the exclusivity period, IFG iGaming may license the Module to other operators. Mr Tovich said the Company will be taking it to market, “starting at ICE Barcelona in January…”
Conditions, risk allocation and next steps
What must happen before the contract starts
The Customer’s contract begins once all of the following conditions are satisfied:
- The Module passes acceptance testing. The Customer has 60 days to test it against confidential agreed specifications and may reject it only for a material failure to meet them.
- Codexa ROW becomes commercially available, including IFG iGaming’s registration as a supplier with the Curaçao Gaming Authority, or Codexa ROW is otherwise able to be deployed in a jurisdiction chosen by the Customer.
- The Customer has obtained all licences it needs to operate, including for prediction market products. The Customer intends to establish a special purpose vehicle (SPV) to which the Agreement will be novated, subject to IFG iGaming completing KYC and AML checks on the SPV.
If these conditions are not met by 30 September 2027, either party may end the Agreement. No fees are payable until the conditions are met and the contract begins.
The Customer must launch commercially within 90 days of the Commencement Date, being the date the last condition is satisfied.
Compliance and next steps
IFG iGaming is a technology provider and will not operate gaming services. The Customer, through a to-be-incorporated SPV, is responsible for all licences and for complying with all applicable laws, and has given warranties and indemnities covering its licensing and legal compliance.
Codexa ROW is generally expected to be commercially available from early 2027. The Company expects to complete development of the Module within nine months, and the Customer will commence its contract upon delivery and testing of the Module.
The Codexa ROW launch announced earlier in October positioned the product for licensed operators outside the US, with Curaçao as the first jurisdiction and the first customer contract now giving that rollout its initial commercial proof point.
Codexa ROW is a complementary product to the Company’s Codexa USA platform, which offers sweepstakes gameplay for the US market.
InFocus Group Holdings is an Australian technology group that builds AI-native software for enterprise clients and for its own proprietary ventures.
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