§ 14 — Meaning of “money equivalent”

14.—(1) For the purposes of the provisions of this Act, “money equivalent” means —(a)

an arrangement under which a party has —(i)

an encashable legal or equitable right to receive a financial benefit;

(ii)

an encashable legal or equitable obligation to provide a financial benefit;

(iii)

a combination of one or more such rights and one or more such obligations; or

(iv)

a combination of one or more such rights or one or more such obligations; or

(b)

a right to receive money or something else that is a money equivalent under this definition,

and includes any virtual voucher, virtual coupon, virtual credit, virtual coin, virtual token, virtual object, or any other similar thing purchased within, or as part of, or in relation to, any gambling, which is an arrangement described in paragraph (a) or confers a right described in paragraph (b).

(2) A right to receive, or an obligation to provide, a financial benefit is encashable if, and only if —(a)

the benefit is money or a money equivalent;

(b)

in the case of a right, the holder thereof intends to satisfy or settle it by receiving money or a money equivalent or by starting to have, or ceasing to have, another arrangement described in subsection (1)(a);

(c)

in the case of an obligation, the party subject to it intends to satisfy or settle it by providing money or a money equivalent or by starting to have, or ceasing to have, another arrangement described in subsection (1)(a); or

(d)

the financial benefit is readily convertible into money or a money equivalent and there is a market for the financial benefit that has a high degree of liquidity.

—(1) For the purposes of the provisions of this Act, “money equivalent” means —(a)

an arrangement under which a party has —(i)

an encashable legal or equitable right to receive a financial benefit;

(ii)

an encashable legal or equitable obligation to provide a financial benefit;

(iii)

a combination of one or more such rights and one or more such obligations; or

(iv)

a combination of one or more such rights or one or more such obligations; or

(b)

a right to receive money or something else that is a money equivalent under this definition,

and includes any virtual voucher, virtual coupon, virtual credit, virtual coin, virtual token, virtual object, or any other similar thing purchased within, or as part of, or in relation to, any gambling, which is an arrangement described in paragraph (a) or confers a right described in paragraph (b).

(2) A right to receive, or an obligation to provide, a financial benefit is encashable if, and only if —(a)

the benefit is money or a money equivalent;

(b)

in the case of a right, the holder thereof intends to satisfy or settle it by receiving money or a money equivalent or by starting to have, or ceasing to have, another arrangement described in subsection (1)(a);

(c)

in the case of an obligation, the party subject to it intends to satisfy or settle it by providing money or a money equivalent or by starting to have, or ceasing to have, another arrangement described in subsection (1)(a); or

(d)

the financial benefit is readily convertible into money or a money equivalent and there is a market for the financial benefit that has a high degree of liquidity.