Good Life Plus is to become the first social media prize draw business to list on a UK stock exchange, as it set out plans to go public on the Aquis market with a valuation of £12.5 million.
Founded in 2021, Good Life Plus offers draws for items like cars, watches and phones. It is set to list via a reverse takeover Semper Fortis Esports Plc, which is listed on Aquis. Its shares will trade at 2p each.
CEO Charlie Chadd said: “The aim is to make this a household name.”
Social media prize draws have exploded in popularity since the Covid-19 pandemic, though the gambling watchdog has warned that many draws are illegal as they are considered unlicensed lotteries.
Chadd told the Standard that this was not the case for Good Life Plus, as its games fall under the Gambling Commission’s rules for a “free draw with a paid entry route”, which are not considered lotteries as long as the free route is properly promoted and “no less convenient” than the paid option. Its revenue comes from a paid subscription option, but Chadd said the perks of paying mostly came from access to discounts rather than the draws.
Chadd said: “We’re definitely not a lottery. We’re an entertainment focused business. We also do discounts on deals on restaurants, on fitness and lifestyle.
“It’s the same as ITV competitions.”He added that being listed will create a new sense of trust around the business, as the public will have more access to information on the company’s finances.
“By making it a regulated, audited business, it shows that it’s trustworthy,” he said. “We’re making sure that we tick every single box.”
The company has brought a number of long-time gambling industry executives on board, including Mark Blandford, who founded Sportingbet. It also brought in former Football League chair Keith Harris, who will serve as its new chairman.
