(1) Every licence issued under the Betting Act, 1926, authorising a person to act and carry on business as a bookmaker which is in force at the commencement of this Act shall be deemed to be a bookmaker's licence issued under this Act and the provisions of this Act (other than the provisions relating to the duration of a bookmaker's licence) shall apply accordingly.

(2) Every licence deemed by this section to be a bookmaker's licence issued under this Act shall, unless and until revoked under this Act, continue in force during the period specified in that behalf in such licence and no longer, save that, where such period expires during or at the end of the month of October or during the month of November next after the commencement of this Act, such licence shall continue in force until midnight on the 30th day of November next after such commencement.