comeback money
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English[edit]
Noun[edit]
- (gambling) Money that is used by an agent of a bookie to place a large bet on a horse who has large odds, thereby causing the odds on that horse to decline, reducing the bookie's potential losses in the event that the horse wins.
- 1950, United States. Congress. Senate, Hearings, volume 5, page 81:
- Lots of people notice at the track that the tote board will change at the last moment; odds will drop on a horse from 20 to 1 to 8 to 1, something like that, which means that all comeback money has just come in.
- 1951, United States. Congress. Senate. Special Committee to Investigate Organized Crime in Interstate Commerce, United States Congressional Serial Set (volumes 1-4, page 162)
- The "comeback money" may represent large bets which illegal bookmakers are unable to "lay off" among themselves, bets which no one in the bookmaking organization desires to hold.