89Guarantee of prize payments from authorised progressive machines and systems

89 Guarantee of prize payments from authorised progressive machines and systems

89 Guarantee of prize payments from authorised progressive machines and systems

If the prize pool on an authorised progressive gaming machine or authorised progressive system on the premises of a registered club exceeds $20,000, the club must—

(a) establish with a financial institution a special account which is to have, at the time of each progressive jackpot reconciliation required under this Division, a balance equal to or greater than the total value of the progressive meters on each such authorised progressive gaming machine or system, or

(b) obtain, on the installation of the authorised progressive gaming machine or system, a formal guarantee from a financial institution for an amount equal to the maximum jackpot on each such gaming machine or system.

Maximum penalty—50 penalty units.