- Published:
- Monday 16 September 2024 at 1:14 pm
With the cheque system being phased out by 2030, the VGCCC recommends gaming venues transition to using electronic funds transfer (EFT) when paying out accumulated wins of at least $2,000. Venues will still have the option to use cheque or EFT when paying out accumulated wins under $2,000.
Venues are encouraged to begin adapting their payment processes as soon as possible to avoid being caught out.
The Gambling Regulation Act 2003 (subsection 3.5.33 (3)) permits venues to pay out accumulated wins of at least $2,000 using EFT. Venues must ensure funds are not transferred until at least 24 hours after the request has been made. Our inspectors are monitoring compliance with this requirement.
As part of the transition, some banks have already stopped issuing cheque books to new customers. Please contact your bank or financial institution to ensure your venue remains compliant.
For further information please refer to the Treasurer’s media release or contact the VGCCC.
Updated