Regulations prescribing a maximum value of prizes for a purpose of this Act may include provision for determining the value of a prize.
Regulations by virtue of subsection (1) may, in particular—
apply (with or without modification) or make provision similar to a provision of section 20 of the Betting and Gaming Duties Act 1981 (c. 63) (expenditure on bingo winnings);
confer a discretion on the Secretary of State, on the Gambling Commission or on another person;
provide for an appeal;
confer jurisdiction on a court or tribunal.
The imposition by or by virtue of this Act of a maximum on the value of a prize does not prevent an arrangement between a person who has won one or more prizes and a person who provides facilities for gambling whereby the prize or prizes are exchanged (whether for money or for one or more articles); provided that—
the amount of money or the value of the articles for which the prize or prizes are exchanged does not exceed the maximum amount or value of the prize, or the aggregate maximum amount or value of the prizes, that the person could lawfully have won, and
the nature of the substituted prize or prizes complies with any requirements of or by virtue of this Act as to the nature of the prize or prizes that the person could lawfully have won.