What is the Legality on running a locals?

[CobalionRider Squall]

I was going to set up smash tournaments in my school to raise money for the music department. Is there anything I need to do to avoid legal issues? I wasn't planning on uploading anything since I don't have any capture equipment, so I don't think there's anything.

 

[IoSSBM]

No, none that I can think of. Go ahead!

 

[iAmFr33man]

You usually have to keep the money and the payouts on the down low since running a tournament without a company/3rd party managing the money for you is technically considered gambling. That's how it usually goes in my university anyway.

 

[IoSSBM]

Oh, my bad. I didn't think of that, since skill-based games don't seem to be gambling, since most games that are considered gambling have a lot of luck or are almost entirely luck-based