(1) A house, room or place is called a betting house if

(a) bets are made in the house, room or place between persons who go there and

(i) the owner, occupier, or keeper of the place or a person using the place,

(ii) a person employed or acting for or on behalf of the owner, occupier or keeper or the person who used the place, or

(iii) a person who is responsible for its management or in any manner conducting the business of the place or

(b) money or other property is paid or received in that house, room or place by or on behalf of the owner, occupier or keeper or the person who uses the place

(i) for an assurance, undertaking, promise, or agreement, express or implied to pay or give money or other property on an event or contingency of or relating to a horse race, or other race, fight, game, sport or exercise, or

(ii) to secure the payment or giving by some other person of money or other property on an event or contingency relating to a horse race or other race, fight, game, sport or exercise.

(2) The owner or occupier of a house, room or place who without approval of the Commission, knowingly and willfully permits it to be opened, kept or used as the business of a betting house which has not been approved by the Commission, omits an offence and is liable on summary conviction to a fine of not more than five hundred penalty units or imprisonment for a term of not more than two years or both.