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Dictionary definition of “rebate shop”

rebate shop

n. a gambling broker which guarantees to return a percentage of every bet to a bettor. Subjects: , ,
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Citations: 2001 Andrew Beyer Washington Post (Feb. 1) “Rebates Knock Betting Off Track” p. D2: Laurel Vice President Jim Mango traced the bet to the island of St. Kitts, site of a suspected rebate shop. 2004 Chris Young Toronto Star (Can.) (Apr. 17) “Complex betting world” p. E8: 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. 2004 Joe Drape New York Times (Apr. 26) “Horse Racing’s Biggest Bettors Are Reaping Richest Rewards”: He bets through what are called rebate shops, which are off-shore, on Indian reservations or in states with fewer regulations. Rebate shops offer from 4 percent to 10 percent back on every dollar wagered—win or lose.
Posted 26 Apr 04 | Permalink | Tell a Friend

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