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(1)For the purposes of section six of the Finance (No. 2) Act, 1947 (which imposes the pool betting duty), and of the Fifth Schedule to that Act, any bet shall be deemed to be made by way of pool betting unless it is a bet at fixed odds.
(2)A bet is a bet at fixed odds within the meaning of this section only if each of the persons making it knows or can know, at the time he makes it, the amount he will win, except in so far as that amount is to depend on the result of the event or events betted on, or on any such event taking place or producing a result, or on the numbers taking part in any such event, or on the starting prices or totalisator odds for any such event, or on there being totalisator odds for any such event, or on the time when his bet is received by any person with or through whom it is made.
In this subsection the expression " starting prices " in relation to any event means the odds ruling at the scene of the event immediately before the start, and the expression " totalisator odds " in relation to any event means the odds paid on bets made by means of a totalisator at the scene of the event.
(3)A bet made with or through a person carrying on a betting business in the course of that business shall be deemed not to be a bet at fixed odds within the meaning of this section if the winnings of the person by whom it is so made consist or may consist in whole or in part of something other than money.
In this subsection the expression " betting business " means a business of receiving or negotiating bets.
(4)In the enactments relating to the pool betting duty references to winnings shall include winnings of any kind, and references to amount and to payment in relation to winnings shall be construed accordingly.
(5)For the purposes of the pool betting duty any payment which entitles a person to make a bet by way of pool betting shall, if he makes the bet, be treated as stake money on the bet, and this subsection shall apply to any payment entitling a person to take part in a transaction which is, on his part, only not a bet made by way of pool betting by reason of his not in fact making any stake, as if the transaction were such a bet, and the transaction shall accordingly be treated as a bet for the purposes of the pool betting duty.
(6)Nothing in this section shall be taken to restrict the operation of any previous enactment defining pool betting for the purposes of the pool betting duty.
(7)This section shall have effect as respects bets made at any time by reference to any event taking place on or after the fifteenth day of July, nineteen hundred and fifty-two, and subsections (1) and (2) of this section shall also have effect as respects bets made at any time by reference to any event taking place before the said day but after the twenty-first day of March, nineteen hundred and fifty-two.
(8)Paragraph 2 of the Fifth Schedule to the Finance (No. 2) Act, 1947 (which provides for the regulation of pool betting businesses for the purposes of the duty), shall have effect in relation to a person to whom it applies by virtue only of this section with the substitution for the references in sub-paragraphs (a) and (b) to the twenty-eighth day of December, nineteen hundred and forty-seven, and the fourth day of January, nineteen hundred and forty-eight, respectively of references to the fifteenth day and the twenty-second day of July, nineteen hundred and fifty-two.
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