Victorian Numbered Acts

GAMBLING REGULATION AMENDMENT (LICENSING) ACT 2010 (NO. 56 OF 2010) - SECT 14

After section 3.4.49 of the Gambling Regulation Act 2003 insert —

    " 3.4.49A     Monitoring licensee must establish and maintain approved linked jackpot trust accounts

The monitoring licensee must establish and maintain at an authorised deposit-taking institution in the State a separate approved linked jackpot trust account for each multiple venue linked jackpot arrangement.

        3.4.49B     Operation of multiple venue linked jackpot arrangements without approved linked jackpot trust account prohibited

The monitoring licensee must not allow a multiple venue linked jackpot arrangement to operate unless an approved linked jackpot trust account for that arrangement is established.

        3.4.49C     Payments out of approved linked jackpot trust accounts

    (1)     The monitoring licensee must pay out of an approved linked jackpot trust account—

        (a)     only the amounts that are specified under subsection (2); and

        (b)     only in accordance with a jackpot financial administration services agreement between the licensee and a venue operator whose money has been paid into the account.

    (2)     For the purposes of subsection (1)(a) the amounts are—

        (a)     amounts to enable a venue operator to pay jackpot prizes; and

        (b)     fees payable by the monitoring licensee to the authorised deposit-taking institution in relation to the approved linked jackpot trust account; and

        (c)     other amounts of money paid into the approved linked jackpot trust account in accordance with a jackpot financial administration services agreement between the monitoring licensee and a venue operator.".