The motto of these games is "Laurels, not prizes" (Greek: "Στεφανίτες" και όχι "Χρηματίτες"), meaning that the purpose of these games is solely the moral perfection of man and not rewarding the winners with pecuniary means. Modern Lykaia are usually held in the beginning of August.
The guiding principle behind these competitions is "Victory without payment," (Greek: "Στεφανίτες" και όχι "Χρηματίτες"), emphasizing that the focus lies in achieving moral excellence rather than showering winners with monetary prizes. Typically, modern Lykaia events take place at the beginning of August.