The Cairns Post



THE most profitable local tech start-up is Laurence Escalante’s Virtual Gaming Worlds, which surged in popularity around the world during Covid lockdowns and has kept up its strong financial performanc­e in recent months.

Almost all of VGW’s customers are in North America, playing virtual games such as its Chumba Casino suite of online poker machine, poker and blackjack table games, and Luckyland Slots.

Which is a big reason why VGW is now contemplat­ing following Atlassian and other Australian start-ups like BigCommerc­e and gym training business F45 on a path towards listing in the US.

“We’ve had very solid interest in the business after our recent results, especially from overseas investors,” Mr Escalante said. “We don’t need new capital, but we are looking to engage more with the financial and investment community.

“That’s why we are open to a potential North American IPO in the medium to longer term.”

VGW customers pay real money to buy virtual “gold coins” to play.

It operates under a sweepstake­s model that gives users the chance to win promotiona­l sweepstake­s prizes that can be redeemed for cash.

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