(1) The rate of bookmakers' betting levy imposed by this Act and payable under the Betting Control Act 1954 is ¾

(a) in respect of a bookmaker's turnover from betting on a sporting event or contingency approved under section 4B of the Betting Control Act 1954, the rate of 0.5%; and

(b) in respect of the remainder of a bookmaker's turnover, the rate of 2%.

(2) In this section ¾

}turnover~ has the meaning given in section 14(1) of the Betting Control Act 1954.

[Section 2 inserted by No. 28 of 1998 s.3.]