take-back bet definition

take-back bet means any bet taken by a licensed bookmaker with any other licensed bookmaker or licensed totalisator carrying on business within the Republic of South Africa, where such bet is solely for the bona fide purpose of covering the whole or any portion of its commitment in respect of any bet or bets laid or to be laid by him or her, provided that any such bet or bets are taken on the outcome of the same event or contingency, and for the purposes of this definition “bookmaker’s commitment” means the amount which such licensed bookmaker will have to pay out or which it anticipates to pay out in respect of such bet or bets, irrespective of the stakes held by it in respect of such bet or bets;
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