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| Late Mail |
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On the day of the race meeting, tipsters declare the final selection of horses which they believe have the best chance of winning each race. This allows for things like late scratchings and driver changes - which may have an affect on a tipster's original thoughts as to the likely winner of each race - to be taken into account. These tips are known as the late mail.
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| Lay |
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Take a bet on, like a Bookmaker.
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| Lay Off |
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Bets made by one bookmaker with another bookmaker, in an effort to reduce his liability in respect of bets already laid by him with investors.
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| Lay the Points |
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A wager on a favorite in a pointspread contest Lay The Price - A wager on a favorite in a moneyline contest
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| Layer |
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Person offering odds, usually a bookmaker. One to one betting services and some smaller bookmakers will allow a punter to lay as well as place bets.
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| Laying a Horse |
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When a bookmaker takes a risk and increases the odds of a particular horse to entice investors because the bookmaker truly believes that horse has no chance of winning the race.
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| Laying Off |
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Where a bookmaker reduces their exposure on a winning horse or team by backing it with other bookmakers.
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| Layoff |
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A bookmaker's bet with another bookmaker made in order to help equalize the excess action he has accepted from his customers.
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| Layoff Bet |
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A wager made by one bookmaker with another to help balance his action and reduces his risk on one side or one horse.
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| Lengthen |
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When a bookmaker sees that no-one is backing a particular side, he may choose to lengthen the odds available.
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| Limit |
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The maximum amount a bookmaker will allow you to bet before he changes odds and/or the points. Also the "cap" on what you can personally wager.
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| Line |
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The betting proposition on a game and/or payoff odds on the bet
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| Line Betting |
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It is an even-money paid bet where you take a position either side of two possible outcomes of the event. e.g. England runs vs. Australia may quote 225-230 (a bit like a spread), thats called the Line. Selling the Line means you win if they score less than 225 and Buying the line means winning if they score more than 230. This is popular in the U.S.
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| Line Maker |
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The person who establishes the original and subsequent betting lines.
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| Linemaker |
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The person who establishes the original and subsequent betting lines.
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| Lines |
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Handicaps, pointspreads and odds offered to the punter.
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| Listed Pitcher (Lp) |
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The pitcher or pitchers listed by Las Vegas odds makers as probable starting pitchers for a scheduled baseball game.
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| Listed Pitchers |
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In baseball wagering, a bet which will be placed only if both of the pitchers scheduled to start a game actually start. If they don't, the bet is cancelled.
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| Loan Shark |
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One, usually mob-connected, who loans money at a high weekly interest rate.
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| Lock |
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A surefire winner (there really is no such proposition)
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| Long Odds |
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Generally greater then $11 (or 10/1).
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| Long Shot |
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See outsider. An outsider is often referred to as being a long shot, because of the fact it is returning high odds and is therefore deemed to have little chance of winning the race.
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| Longshot |
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A large underdog where the odds of winning is quite steep. Hence the term "Not by a longshot".
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| Lta |
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Loan Tennis Association
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| Lucky 15 |
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A Lucky 15 consists of 15 bets involving 4 selections in different events, i.e. 4 singles, 6 doubles, 4 trebles, and 1 fourfold. As a consolation if you only have one winner it will be paid at double the odds. If you get all four winners, a 10% bonus will be added to your returns.
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| Lucky 31 |
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A Lucky 31 consists of 31 bets involving 5 selections in different events, i.e. 5 singles, 10 doubles, 10 trebles, 5 four-folds plus 1 five-fold. . As a consolation if you only have one winner it will be paid at double the odds. If you get all five winners, a 20% bonus will be added to your returns. If you get four winners, a 5% bonus will be added to your returns.
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| Lucky 63 |
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A Lucky 63 consists of 63 bets involving 6 selections in different events, i.e. 6 singles, 15 doubles, 20 trebles, 15 four-folds, 6 five-folds and 1 six-fold. As a consolation if you only have one winner it will be paid at double the odds. If you get all six winners, a 25% bonus will be added to your returns.
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| Lumpy |
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A break-in dealer. Called this because their dealing is not smooth.
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