(1) A company established under section 36 of the Irish Horseracing Industry Act, 1994, to carry on business as a bookmaker that applies to the Revenue Commissioners in writing in the prescribed form for a bookmaker's licence commencing on such date (being either the next following 1st day of December or a day not more than 14 days after the date of the application) as specified in the application shall, upon delivery to the Revenue Commissioners of an application for a bookmaker's licence and payment to the Revenue Commissioners by the applicant of the excise duty required by law to be paid for taking out such licence as is specified in such application, be issued by the Revenue Commissioners with a bookmaker's licence in accordance with this section.

(2) A bookmaker's licence issued under this section shall be in the prescribed form and shall state the name and registered office of the company to whom it is issued and shall operate and be expressed to authorise such company to act and carry on business as a bookmaker during the period commencing on the date specified therein (which shall be the date specified in that behalf in the application for such licence) and ending at midnight on the next following 30th day of November, but subject and without prejudice to all restrictions and prohibitions for the time being imposed by law in respect of the places in which the business of bookmaking may be carried on.