Green’s Dictionary of Slang

nits and lice n.

[rhy. sl.]

a price, esp. in gambling.

[US]A.J. Pollock Und. Speaks n.p.: Nits and lices, morning price of horse races in pool rooms.
[US]Maurer & Baker ‘“Aus.” Rhyming Argot’ in AS XIX:3.
[UK]J. Franklyn Dict. of Rhy. Sl.
[UK]Dodson & Saczek Dict. of Cockney Rhy. Sl.
[UK]R. Puxley Cockney Rabbit.