Part 1Interpretation of Key Concepts
Betting
I19Betting: general
1
In this Act “betting” means making or accepting a bet on—
a
the outcome of a race, competition or other event or process,
b
the likelihood of anything occurring or not occurring, or
c
whether anything is or is not true.
2
A transaction that relates to the outcome of a race, competition or other event or process may be a bet within the meaning of subsection (1) despite the facts that—
a
the race, competition, event or process has already occurred or been completed, and
b
one party to the transaction knows the outcome.
3
A transaction that relates to the likelihood of anything occurring or not occurring may be a bet within the meaning of subsection (1) despite the facts that—
a
the thing has already occurred or failed to occur, and
b
one party to the transaction knows that the thing has already occurred or failed to occur.