Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Layoff Wager (Bet) - a wager made by one bookmaker with another bookmaker to help him balance his action and reduce his risk.

Lay the Odds - to wager more money on a proposition than one hopes to win.

Lay the Points - a wager on a favorite in a point-spread event.

Lay the Price - a wager on a favorite in a money line event.

Leak - to lose part or all of one's winnings due to questionable gambling habits. See also blow back.

Length - the margin equal to the length of one horse. Length is used to describe the position of a horse, relative to his competitors during calls or at the finish of the race.

Limit - the maximum wager accepted by the house or bookmaker before the odds, points or price will be changed. Essentially, it is a cap on the amount a player can wager.

Line - refers to the listed odds, points, money line or point spread for any given event.

Linemaker - the person who establishes the original and subsequent betting lines for an event.

Listed Pitcher (LP) - the pitcher or pitchers listed by Las Vegas odds makers as probable starting pitchers for a scheduled baseball game.

Live One - a derogatory term for an inexperienced, bad or loose player who has lots of money to lose. Also known as a mark, fish, provider and sucker.

Long Odds - relatively small odds given that an event will occur.

Long Shot - an extreme underdog.