takeout
n.— «In the Kentucky Derby on Saturday, for example, Churchill Downs will return to bettors at the track about 82 cents of every dollar wagered in the form of winnings. The remaining 18 cents, known as the takeout, will be used to pay for expenses like racing purses, state taxes and track maintenance.» —“Horse Racing’s Biggest Bettors Are Reaping Richest Rewards” by Joe Drape New York Times Apr. 26, 2004. (source: Double-Tongued Dictionary)
Further reading
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After our conversation about towns with extremely short names, many listeners wrote to tell us about Why, Arizona. Others pointed out that there are towns called Ely in Iowa, Minnesota, and Nevada. Other super-short appellations include Rye, New...