To bet on opposing competitors so as to make a profit from the bookmaker.
On an open outcry exchange trading floor, to buy and sell rapidly for one's own account, aiming to buy from a seller and a little later sell to a buyer, making a small profit from the difference (roughly the amount of the bid/offer spread, or less).
From Middle English scalp, skalp, scalpe. Originally a northern word, and therefore probably from a North Germanic source, although the sense-development is unclear; compare Sylt North Frisian Skolp, Old Norse skálpr, Old Swedish skalp, Middle Dutch schelpe.
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