Victorians Lose $1.58 billion on Poker Machines in 1H FY2022-2023 – Regulations for Gaming Machine Jackpots are Changing in March
MELBOURNE, Victoria (February 9, 2023) — On January 27, 2023 the Victorian Gambling and Casino Control Commission (VGCCC) released figures on poker machine expenditure for the first half of the 2022-23 financial year.
In total, $1.58 billion was lost in Victoria at the poker machines between 1 July and 31 December 2022.
Here’s how regulations for gaming machine jackpots are changing in March
The way linked jackpots are managed at gaming venues will change on 10 March 2023.
For venue operators, the changes mean that:
- you will need to either:
- allocate the balance of the jackpot special prize pool of a retired linked jackpot arrangement to another linked jackpot arrangement in your venue within 60 days, or
- send the unpaid balance to us within 7 days after the end of the above time.
- if your venue changes ownership, you can transfer any unpaid balance to the new venue operator but must notify us in writing at least 48 hours before the transfer occurs
- when your licence or gaming machine entitlements cease, you must send us the value of unpaid jackpot funds minus the amount transferred to another venue operator (if any) within 28 days.
- for any jackpot special prize pool balance for a linked jackpot arrangement retired between 16 August 2012 and 9 March 2023 you can either:
- allocate it to another linked jackpot arrangement in your venue by 11 March 2024, or
- send it to us by 18 March 2024.
All unpaid jackpot funds paid to us will be transferred to the Responsible Gambling Fund.
The changes are the result of amendments to the Gambling Regulation Act 2003. We are in the process of amending the relevant sections in Accounting and Auditing Venue Requirements (AAVR) and other resources to reflect this.
Please contact us at email@example.com or phone 1300 182 457 if you have any questions.
About the VGCCC
The VGCCC regulates businesses focusing on the people, premises, products and promotions involved in supplying gambling to ensure the integrity of Victoria’s gambling industries and to minimise harm.
SOURCE: Victorian Gambling and Casino Control Commission (VGCCC).Tags: Poker Machines, Regulations Changing, VGCCC