Sporting Club Accountants: Sports Tipping and Hard Meter Readings

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The AFL football season is just around the corner so it’s the start of footy tipping competitions. Major sporting codes attract tipping competitions that allow entrants to select the winning teams in each week of a sporting season to earn points.

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A footy or sports tipping competition doesn’t require the VCGLR’s approval because it involves some level of knowledge and skill to choose a winning team with an element of chance. It is not based entirely on chance. A sports tipping competition with an element of chance can be conducted only where all the money that has been collected is returned as prizes and the total prize value distributed is not more than $5,000. The organiser can’t take money out of the prize pool as expenses.

A sports tipping competition requires approval when the entry or the selection of a winner for the competition involves an element of chance at any stage. It is considered illegal when the competition comes with some sort of betting excluding a set fee or cost to enter the competition. It is illegal if offered in Victoria unless a licensed wagering or sports betting operator conducted it.

The prize value is determined by the person running the competition and information about entry fees and prizes should be explained clearly to participants before they decide to enter. If the tipping competition is conducted as a trade promotion lottery, the business or trade running the lottery should provide the prizes.

The most common method of determining a winner is to award prizes to the three entrants that have selected the most winners over the season. Weekly prizes are also sometimes awarded for tipping all winners in the round. If the competition is based on knowledge and skill, the person running the competition will decide the entry fee.

It is also up to the person organising the competition to develop their own workplace rules.

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Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

In other news, it is also no longer required for venue operators to record and reconcile the hard meter readings of their electronic gaming machines. Hard meters on electronic gaming machines calculate any increase in the game play activity of the machine.

Because of the improvements in the frequency and reliability of data recorded by the gaming machine’s electronic monitoring system, venue operators are no longer required to manually record hard meters, effectively reducing their administrative burden.

Sporting Club Accountants

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Email Address: info@skyacc.com.au

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Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

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Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

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