In this Act "betting" means making or accepting a bet on—
the outcome of a race, competition or other event or process,
the likelihood of anything occurring or not occurring, or
whether anything is or is not true.
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—
the race, competition, event or process has already occurred or been completed, and
one party to the transaction knows the outcome.
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—
the thing has already occurred or failed to occur, and
one party to the transaction knows that the thing has already occurred or failed to occur.