PART 3General betting duty, pool betting duty and remote gaming duty
CHAPTER 1General betting duty
Pool betting on horse and dog races
137Profits on ordinary Chapter 1 pool bets
To calculate the amount of a bookmaker's profits for an accounting period in respect of ordinary Chapter 1 pool bets—
a
take the aggregate of the stake money falling due to the bookmaker in the accounting period in respect of such bets, and
b
subtract the aggregate of the expenditure by or on behalf of the bookmaker for the period on winnings in respect of such bets.