Prize Policy

VF CUP International Mental Arithmetic Olympiad

Effective Date: 1 October 2026

This Prize Policy (“Prize Policy”) governs eligibility for prizes, determination of final prize-winning positions, redistribution of prize-winning positions, calculation and payment of cash awards, and provision of other awards to participants in the VF CUP International Mental Arithmetic Olympiad (“Olympiad”, “VF CUP”).

The Organiser is:

VF Private Education LTD
Company Registration No.: HE 385788
Registered office: Marathonos 3, MALI HOUSE, 8011 Paphos, Cyprus
Email: vfcup.helpdesk@gmail.com
Website: https://the-olympic.world/

1. General Provisions

1.1. VF CUP is an international educational mental arithmetic competition in which results are determined on the basis of participants’ knowledge, skills, speed and accuracy in accordance with the Olympiad Rules.

1.2. Cash and non-cash prizes are awards for results achieved by participants in a skill-based competition.

1.3. Prizes are not distributed randomly and are not awarded through a lottery, prize draw or gambling activity.

1.4. Purchasing a ticket, registering or participating in the Olympiad does not itself guarantee receipt of any prize.

1.5. The right to a cash prize arises only after:

• completion of the Olympiad;
• anti-fraud review of results;
• approval of final results by the Organiser;
• application of the rules determining the participant’s single official prize-winning level;
• redistribution of vacated prize-winning positions;
• calculation of the final cash award;
• completion by the winner or their legal representative of the steps required to receive payment.

2. Prize Fund

2.1. The total prize fund for each Olympiad is determined separately by the Organiser.

2.2. The total prize fund is published on the official website before the relevant Olympiad begins.

2.3. Before the Olympiad begins, the Organiser publishes:

• the competition levels for which cash prizes are available;
• the number of prize-winning positions;
• the cash amount for each position;
• any special nominations;
• the amount or type of award for special nominations.

2.4. The prize structure published for a particular Olympiad becomes binding once that Olympiad begins, except in the case of an obvious technical or typographical error.

2.5. The Organiser may increase the prize fund before the Olympiad or during the registration period.

2.6. A prize fund that has already been officially announced may not be reduced after the Olympiad begins, except where required by applicable law.

3. Main Prize Categories

3.1. Cash prizes may be awarded in each of the four competition levels:

• PRO;
• MASTER;
• EXPERT;
• GURU.

3.2. Unless otherwise stated on the page of a particular Olympiad, the primary prize-winning positions are:

• 1st place;
• 2nd place;
• 3rd place.

3.3. The amount of a cash prize depends on the competition level and prize-winning position and is published on the official website.

3.4. The Organiser may establish additional prize-winning positions or categories if information about them is published before the Olympiad begins.

3.5. One participant may purchase tickets and participate in several competition levels, including all four levels.

3.6. However, one participant may hold only one official prize-winning position in the final prize rankings of the same Olympiad.

4. Ranking of Competition Levels

4.1. For the purpose of determining a participant’s official prize-winning result, VF CUP competition levels are ranked from highest to lowest as follows:

GURU → EXPERT → MASTER → PRO.

4.2. If a participant achieves prize-winning results in more than one level, their official prize-winning result is the result achieved in the highest competition level in which they entered the prize-winning positions.

4.3. Results achieved by the participant in lower levels may remain visible in the participant’s personal statistics and participation history but do not constitute separate official prize-winning positions.

5. Single Official Prize-Winning Position

5.1. If a participant achieves a prize-winning position in only one competition level, that position becomes the participant’s final official prize-winning result.

5.2. If a participant achieves prize-winning positions in two or more levels, the participant retains an official prize-winning position only in the highest of those levels.

5.3. For example, if a participant achieves:

• PRO — 1st place;
• MASTER — 1st place;
• EXPERT — 2nd place;
• GURU — 3rd place,

the participant’s official prize-winning result is:

GURU — 3rd place.

5.4. The participant’s prize-winning positions in PRO, MASTER and EXPERT are released for other participants.

5.5. After application of this rule, the participant is not considered an official winner or prize recipient in the lower competition levels, notwithstanding the points actually earned in those levels.

5.6. Results achieved in lower competition levels may remain visible in the participant’s personal account as actual performance results without separate official prize-winning status.

6. Redistribution of Prize-Winning Positions

6.1. If a prize-winning position is released under Section 5, the next participant in the final ranking of the relevant competition level moves up to the vacated position.

6.2. Redistribution is carried out sequentially from the top of the ranking downward.

6.3. For example, if the initial EXPERT ranking is:

1. Participant A
2. Participant B
3. Participant C
4. Participant D

and Participant A receives an official prize-winning position in GURU, Participant A is removed from the official EXPERT prize-winning positions.

The redistributed EXPERT prize ranking becomes:

1. Participant B
2. Participant C
3. Participant D

6.4. Participants who move up following redistribution receive:

• the corresponding official position;
• the corresponding diploma;
• the corresponding right to a cash award under this Prize Policy.

6.5. Redistribution continues until the full number of officially announced prize-winning positions for the relevant level has been filled, provided that there are enough eligible participants.

7. Principle of Preserving the Highest Earned Cash Award

7.1. Participation in a higher and more difficult competition level must not reduce the cash award that a participant has earned through their actual performance.

7.2. Accordingly, when determining the amount of a participant’s cash payment, all prize-winning positions actually achieved by that participant before application of the single official prize-winning position rule are taken into account.

7.3. The participant receives the highest cash amount among all cash prizes that the participant would have been entitled to based on their actual prize-winning results.

7.4. At the same time, the participant’s official prize-winning status remains the position in the highest competition level determined under Section 5.

7.5. Therefore:

the official position is determined by the level of difficulty;
the cash amount is determined by the highest earned cash prize.

7.6. Participation in a more difficult competition level may never reduce a cash award already earned through another prize-winning result in the same Olympiad.

8. Example of Cash Prize Calculation

8.1. Assume that a participant achieves the following actual results:

• EXPERT — 1st place, cash prize €160;
• GURU — 3rd place, cash prize €130.

8.2. Because GURU is the higher competition level, the participant’s official result becomes:

GURU — 3rd place.

8.3. However, the participant’s cash award is:

€160, because this is the highest cash prize earned through the participant’s actual results.

8.4. The participant’s prize-winning position in EXPERT is released.

8.5. The next participant in the EXPERT ranking moves up to 1st place and becomes the official EXPERT winner with the corresponding right to the cash prize applicable to 1st place in EXPERT.

8.6. Such redistribution does not reduce the amount already due to the participant officially awarded in GURU.

9. Additional Examples

9.1. If a participant achieves:

• PRO — 1st place;
• MASTER — 2nd place;
• GURU — outside the prize-winning positions,

the participant’s official prize-winning result becomes:

MASTER — 2nd place.

9.2. The applicable cash amounts are compared between:

• the cash prize for 1st place in PRO;
• the cash prize for 2nd place in MASTER.

The participant receives the higher of these amounts.

9.3. The participant’s GURU result does not affect the determination of the official prize-winning level because the participant did not enter the prize-winning positions in GURU.

9.4. If a participant achieves:

• PRO — 1st place;
• MASTER — 1st place;
• EXPERT — 1st place;
• GURU — 1st place,

the participant’s only official prize-winning result is:

GURU — 1st place.

9.5. The cash award is determined as the highest cash prize among all four cash prizes actually earned.

9.6. The participant’s prize-winning positions in PRO, MASTER and EXPERT are released and pass to the next participants in the corresponding rankings.

10. Why the Cash Amount May Differ from the Published Amount for the Official Position

10.1. In some cases, a participant’s cash award may be higher than the standard amount published for the participant’s official prize-winning position.

10.2. This may occur only as a result of applying the principle of preserving the highest earned cash award.

10.3. For example, a participant may officially finish 3rd in GURU but receive the cash amount corresponding to 1st place in EXPERT if that amount is higher.

10.4. Such a difference does not change the participant’s official sporting result.

10.5. In the published list of winners, the Organiser may separately indicate:

• the official prize-winning position;
• the actual cash amount payable.

11. Special Nominations

11.1. The Organiser may establish additional special nominations.

11.2. Before the Olympiad begins, the following are published:

• the name of the nomination;
• the criteria for selecting the winner;
• the amount or type of award.

11.3. If a special nomination includes a cash award, the Organiser will state in advance whether such award is included when determining the participant’s highest cash prize or whether it is a separate additional payment.

11.4. If no separate rule is published, a cash award under a special nomination is taken into account when determining the participant’s highest cash award.

11.5. Non-cash special awards, diplomas, certificates and invitation codes are not restricted by the single official prize-winning position rule.

12. Preliminary Results

12.1. All positions displayed during the Olympiad or immediately after it ends are preliminary.

12.2. The preliminary ranking may show a participant in prize-winning positions in several competition levels.

12.3. This does not mean that all such positions will become official.

12.4. After the Olympiad ends, the Organiser:

1. conducts an anti-fraud review;
2. approves the actual results;
3. determines the highest prize-winning level for each participant;
4. removes that participant from the prize-winning positions in lower competition levels;
5. redistributes the released positions;
6. calculates the final cash award;
7. publishes the final results.

13. Anti-Fraud Review

13.1. After the Olympiad ends, the Organiser reviews results and possible rule violations.

13.2. The review may take several days and, where necessary, up to one week or longer.

13.3. The Organiser may analyse:

• accuracy of task completion;
• response times;
• completion speed;
• sequence of attempts;
• statistical anomalies;
• platform technical logs;
• session information;
• indications of automated tool use;
• indications of assistance from third parties;
• other objectively available information.

13.4. The Organiser may request additional information from the participant or their legal representative.

13.5. Where there are reasonable and substantiated grounds to believe that a participant violated the Olympiad Rules, the Organiser may:

• cancel an individual result;
• disqualify the participant from the relevant competition level;
• disqualify the participant from the entire Olympiad where the nature of the violation justifies such action.

13.6. After cancellation of a result, the rankings and cash awards are recalculated.

14. Final Results

14.1. Only results officially approved by the Organiser after completion of all reviews and redistribution of positions are final.

14.2. After final results are published, the winner becomes entitled to begin the prize payment procedure.

14.3. An error or preliminary display of a higher position does not create entitlement to payment if the final approved result is different.

15. Recipient of a Cash Prize

15.1. If the winner is an adult, the cash prize may be paid directly to the winner.

15.2. If the winner is a minor, the cash prize is paid to:

• the parent;
• the legal guardian;
• another lawful representative,

unless a different procedure is required by applicable law.

15.3. The Organiser may request evidence of the authority of the person receiving the cash prize on behalf of the minor.

15.4. The Organiser is not required to transfer a cash prize directly to a minor’s bank account or payment card.

16. Information and Documents Required for Payment

16.1. For the purpose of processing payment, the Organiser may request information reasonably necessary to identify the recipient and make a lawful payment.

16.2. Such information may include:

• winner’s full name;
• date of birth, where necessary;
• country of residence;
• name of the parent or legal representative;
• proof of identity;
• proof of parental or representative authority;
• bank or payment details;
• tax residency;
• other information required by applicable law, a bank or payment provider.

16.3. Such information is processed in accordance with the Privacy Policy.

17. Payment Methods

17.1. A cash prize may be paid using any lawful method available to the Organiser, including:

• bank transfer;
• Revolut;
• another licensed payment provider;
• another agreed method of cashless payment.

17.2. The specific payment method is determined by the Organiser taking into account:

• the recipient’s country;
• technical availability;
• banking requirements;
• AML/KYC requirements;
• sanctions restrictions;
• the amount payable.

17.3. If the payment method requested by the recipient is unavailable, the parties will agree on another reasonable method.

18. Currency of Cash Prizes

18.1. All official VF CUP cash prizes are denominated in euros (EUR).

18.2. Where necessary, actual payment may be made in another currency using the exchange rate applied by the bank or payment provider.

18.3. Any amounts displayed on the website in local currencies are for information purposes only.

18.4. The official amount is the amount denominated in euros.

19. Payment Period

19.1. Payment is made after:

• approval of final results;
• final redistribution of positions;
• calculation of the highest cash award;
• receipt of the necessary information;
• completion of applicable banking and compliance checks.

19.2. The Organiser aims to make payment within 30 calendar days after receiving the complete information required for payment.

19.3. Where payment is delayed for reasons outside the Organiser’s reasonable control, the payment period is extended for the objectively necessary period.

20. Deadline for Claiming a Cash Prize

20.1. The winner or their legal representative must provide the information necessary for payment within 90 calendar days from the date of notification that the prize is ready to be paid.

20.2. If the required information is not provided, the Organiser may send a repeated notification.

20.3. If, after 90 days, payment remains impossible solely because of the recipient’s failure to act, the right to the cash payment may be terminated after an additional notification.

20.4. The Organiser may extend this period where there are reasonable grounds to do so.

21. Bank and Payment Provider Fees

21.1. The Organiser does not reduce the stated cash award by its own internal payment expenses, except where mandatory tax withholding applies.

21.2. The recipient’s bank or payment provider may charge its own fees.

21.3. Such fees are outside the control of VF Private Education LTD.

22. Taxes

22.1. The recipient of a cash prize is responsible for any taxes, income reporting obligations or other requirements arising in the recipient’s country of tax residence.

22.2. The Organiser does not provide individual tax advice to winners.

22.3. If VF Private Education LTD is legally required to withhold tax or another mandatory payment under applicable law, the Organiser may make such withholding.

22.4. The cash prize amount published on the website is the nominal amount before any legally required withholding.

23. Set-Off of a Cash Prize

23.1. In individual cases, a cash prize may be set off against monetary obligations owed to VF Private Education LTD.

23.2. Set-off is permitted only:

• at the request or with the written consent of an adult recipient;
• or at the request or with the written consent of the parent or legal representative of a minor winner;
• where such set-off is legally and financially permissible.

23.3. Set-off is not applied automatically.

23.4. If the obligation to VF Private Education LTD belongs to an educational centre, partner or legal entity different from the prize recipient, a separate written agreement or instruction may be required.

23.5. Once a set-off has been properly completed, the Organiser’s obligation is deemed fulfilled to the corresponding amount.

24. Substitution of a Cash Prize

24.1. The Organiser may not unilaterally replace an announced cash prize with goods or services of lower value.

24.2. By voluntary agreement with the recipient, a cash payment may be replaced by:

• another prize;
• an educational service;
• participation in a future event;
• set-off;
• another agreed form of reward.

24.3. Refusal of an offered alternative does not deprive the participant of the right to the cash prize where that right has already become final.

25. Payment Provider Restrictions

25.1. VF Private Education LTD must comply with applicable banking, AML, KYC and sanctions requirements.

25.2. The Organiser is not required to use a payment method prohibited by law, a bank or a payment provider.

25.3. If the selected payment method is unavailable, the Organiser and recipient will act in good faith to identify another lawful payment method.

26. Incorrect Payment Details

26.1. The recipient is responsible for the accuracy of the payment details provided.

26.2. The Organiser is not responsible for delays caused by incorrect information supplied by the recipient.

26.3. Where an erroneous payment can be recovered or corrected, the Organiser will provide reasonable assistance.

27. Disqualification After Preliminary Announcement

27.1. Until final results are published, any information concerning a victory or cash prize is preliminary.

27.2. If a participant is subsequently disqualified, the corresponding right to a cash prize is cancelled.

27.3. If a violation is identified after approval of the result but before payment, payment may be suspended pending additional review.

27.4. If a material violation is confirmed, the Organiser may cancel the prize and redistribute the corresponding position.

27.5. If the prize has already been paid, any question of repayment will be determined in accordance with applicable law and the circumstances of the relevant violation.

28. Certificates, Diplomas and Other Awards

28.1. An official winner or prize recipient receives an electronic diploma corresponding to their final official prize-winning position.

28.2. A high result achieved in a lower competition level that is removed from the official prize-winning positions under this Prize Policy does not create a right to a separate winner’s or prize recipient’s diploma for that lower level.

28.3. Such a result may remain visible in the participant’s personal history and statistics.

28.4. Participants who are not official prize recipients receive certificates of participation in accordance with the Olympiad Rules.

28.5. The Organiser may also provide:

• special diplomas;
• digital awards;
• certificates;
• invitation codes;
• invitations to future events;
• other announced awards.

29. Publication of Results

29.1. The Organiser may publish final results in accordance with the Privacy Policy and Children & Parental Consent Policy.

29.2. Published information may include:

• participant’s name;
• country;
• school or educational centre;
• official competition level;
• official position;
• result;
• cash award amount;
• diploma received.

29.3. After final redistribution, the public ranking displays only official prize-winning positions.

29.4. Lower-level prize-winning results achieved by a participant who receives official prize-winning status in a higher level do not need to be displayed as prize-winning positions in the public final rankings.

30. Changes to the Prize Policy

30.1. The Organiser may amend this Prize Policy for future Olympiads.

30.2. The current version is published on the official website.

30.3. After a particular Olympiad begins, amendments may not worsen the already published conditions for receiving cash prizes, except where changes are required by applicable law.

31. Relationship with Other Documents

31.1. This Prize Policy applies together with:

• Terms & Conditions;
• Olympiad Rules;
• Privacy Policy;
• Children & Parental Consent Policy;
• Cookie Policy.

31.2. The rules governing scoring and determination of actual results are primarily set out in the Olympiad Rules.

31.3. This Prize Policy determines how actual results are converted into final official prize-winning positions and cash payments.

31.4. Matters relating to participation payments and refunds are governed by the Terms & Conditions, including Section 16 (Voluntary Cancellation and Refunds).

31.5. Matters relating to personal data processing are governed by the Privacy Policy and Children & Parental Consent Policy.

32. Governing Law

32.1. This Prize Policy is governed by the laws of the Republic of Cyprus.

32.2. Nothing in this Prize Policy limits any mandatory rights of participants or consumers that cannot lawfully be excluded.

32.3. The tax laws of the recipient’s country of residence or tax residence may impose additional obligations on the recipient.

33. Contact Details

For questions relating to results, prize-winning positions and payments, please contact:

vfcup.helpdesk@gmail.com

The Organiser:

VF Private Education LTD
Company Registration No.: HE 385788
Registered office: Marathonos 3, MALI HOUSE, 8011 Paphos, Cyprus
Website: https://the-olympic.world/
Email: vfcup.helpdesk@gmail.com

VF CUP International Mental Arithmetic Olympiad is organised by VF Private Education LTD, Cyprus.