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stubby holder /’stʌbi hoʊldə/ 

(countable noun) Usage note: This is the usual term used by all speakers.

A small padded holder for a bottle or can, used particularly for holding cold bottles or cans of beer. Stubby holders look like half cylinders and are often made of rubbery material.

Example: With loads of sunshine and beaches they like the water, BBQs, beer in a stubby holder and generally have a good outlook on things. (http://daisyvega.com/what-makes-an-aussie-angry/)

 
 

Stubby holders decorated with pictures of trains

(photo by Julia Miller)