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Dictionary definition of “takeout”

takeout

n. the amount of each bet deducted by a horse-racing track to cover expenses. Subjects: , ,
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Citations: 1978 James Golla Globe and Mail (Toronto, Can.) (Jan. 17) “Backstretch bookmaking at racetrack, OPP charge” p. P35: 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. 2004 Joe Drape New York Times (Apr. 26) “Horse Racing’s Biggest Bettors Are Reaping Richest Rewards”: 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.
Posted 26 Apr 04 | Permalink | Tell a Friend

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