sub-penny quoting n. the practice of offering a decimal of a cent higher than a stock’s asking price or another buy order. Also sub-penny pricing, sub-penny trading. (source: Double-Tongued Dictionary)
takeout n.— «The OJC receives 9.5 cents per dollar wagered through the mutuels and turns back approximately 50 per cent of its takeout to the horsemen in purses.» —“Backstretch bookmaking at racetrack, OPP charge” by James...
rebate shop n.— «Rebate shops have no such overhead to cover and give most of it back to their customers. Typically, that amounts to between 3 and 12 per cent of the amounts bet, even as high as 18 per cent on some exotic bets...