NSW Lotteries Settlement Procedure
Newsagents are reminded that NSW Lotteries has conducted dual sweeps on Tuesdays and Fridays from week starting Monday 6 July 2015. This change is reflected in the new Lotteries Franchise Agreement and operations manual effective from 1 July 2015. This change is consistent with other lottery jurisdictions.
The below sets out the relevant accounting periods. First accounting period – The first accounting period will be from Monday morning to Wednesday midnight for the direct debit/EFT sweep occurring on the following Friday. This sweep will be in the Settlement Report available from the terminal each Thursday morning. Second accounting period – The second accounting period will be from Thursday morning to Sunday midnight for the direct debit/EFT sweep occurring on the following Tuesday. This sweep will be in the Settlement Report available from the terminal each Monday morning. Cleared funds must be available in the Outlet’s nominated bank account by 4pm each Tuesday and Friday (subject to those days not being recognised public holidays as listed in the Outlet Procedures Manual) unless otherwise advised by NSW Lotteries. For details regarding settlement, reporting, accounting periods and default procedures, please refer to the Outlet Procedures Manual, NSW Lotteries Franchise Agreement, or contact your Business Development Manager.
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