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L
| Lay | A bookmaker, or a person on a betting exchange, accepts a bet on a selection, i.e. someone is betting that the selection will not win. The opposite of backing an outcome is "laying" an outcome. |
| Lay a Price | Bet a favorite. |
| Laying Off | A situation where a punter can potentially cover his bets by placing another bet. So, if two horses in a race are clearly favorites to win, and they are both placed at high odds, the punter can bet on both and still win. This is a form of laying off (which basically means lessening risk and maximizing potential returns), and though he does not win as much as with a single bet, if his judgment about the horses' chances are correct, he will still show a profit with much less risk. For example, two horses at 3-1 and 4-1 are clear favorites. The punter may lay a bet of €100 on each, confident that whichever wins, he will still show a profit. |
| Layoff | A bookmaker's bet with another bookmaker, made in order to relieve the excess action he has accepted from his customers. |
| Lay the Points | A bet on the favourite in a point spread event. |
| Lay the Price | A bet on the favourite in a money line event. |
| LBO | Acronym for "Licensed Betting Office" in the UK. |
| Lengthen | Referred to the odds getting longer. When a bookmaker increases the odds on a particular outcome to make them more attractive. For example, from 3-1 to 4-1. This is also known as "drifting". |
| Limit | The maximum bet accepted by the bookmaker. |
| Linemaker | The person who compiles and sets the betting lines. |
| Lines | Another term to indicate the odds offered on a particular event ( points or money line). |
| Lock | US term to indicate an easy or "guaranteed" winner. |
| Longshot | A team or horse that is unlikely to win; a large underdog. |
| Long odds | The longer the odds, the more money you will get for your bet if the horse wins - thus, 100-1 are longer odds than 5-1. The longer the odds, the lower the chances of the horse winning. |
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