one party to the transaction knows the outcome.ģ.the race, competition, event or process has already occurred or been completed.A transaction that relates to the outcome of a race, competition or other event or process may be a bet within the meaning of section 1 even if:

the likelihood of anything occurring or not occurringĢ.the outcome of a race, competition or other event or process.There are three separate definitions of betting under The Gambling Act 2005.