(1)  Subject to subsection (2)  –

(a) all agreements, whether by parole or in writing, by way of betting are void; and

(b) all claims for money lent or advanced for the purpose of betting are void; and

(c) no action is to be brought or allowed by or in favour of any person in any court for recovering a sum of money or valuable thing that is alleged to have been won on a bet or deposited with a person to abide the event on which a bet is made.

(2)  This section does not apply to authorised betting or betting that is lawful by virtue of any other Act.