In this Act -

"bookmaker" means a person, who in the course of business, takes bets, sets odds and undertakes to pay out on winning bets;

"bookmaker's licence" means a licence issued - (a) under subsection (3) of section 7 (inserted by section 13 of the Betting (Amendment) Act 2015), or (b) in accordance with section 7A (inserted by subsection (2) of section 64 of the Irish Horseracing Industry Act 1994);