Gambling Compliance - Electronic banking now permitted
25 August 2017
The Department has decided to permit the banking of Gaming Machine Profits (GMP) by electronic funds transfer. The Department has also decided that Eftpos transactions can be banked directly to a class 4 operator’s account.
You may recall that we consulted the sector in 2015 about this matter. The consultation revealed a clear preference for the ability to use electronic banking to deposit GMP with some respondents also suggesting that dedicated Eftpos terminals could be used to deposit amounts transacted on those terminals directly to a class 4 operator’s dedicated bank account. Respondents noted that allowing GMP to be banked via electronic funds transfer has benefits in terms of security, flexibility, reduction in the amount of gaming machine float, and allowing venues to link the banking to their cash management programmes.
Although the consultation showed a clear preference for electronic banking, a final decision was delayed by an amendment to the legislation by the Gambling Amendment (No 3) Bill, and changes to the Class 4 Game Rules.
The Department has decided that:
- GMP may be banked by electronic funds transfer; and
- Eftpos transactions from dedicated Eftpos terminals can be banked directly to a class 4 operator’s account.
The Department closely monitors the banking of GMP and takes appropriate action in accordance with the Misuse (Late Banking) of GMP policy when GMP is banked late or not banked. Our aim is to minimise opportunities for loss of GMP and that societies continue to work towards maximising community benefits while minimising costs.
You are also reminded that the gaming machine float cannot be sourced from gaming machine proceeds. The interpretation section of the Class 4 Game Rules says cash float is “an amount of money supplied by the venue operator to carry out the functions required under Rule 9”. The provision of the float remains the responsibility of the venue operator.
(SOURCE: The Department of Internal Affairs, Gambits:Now 24 June 2017)