Betting Terms
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| Laying the points | Betting the favorite by giving up points. |
| Laying the price | In sports wagering, laying the price means betting the favorite by laying money odds. |
| Layoff | sports betting term for money bet by a house with another bookmaker to reduce its liability. |
| Limit | In sports betting limit is the maximum amount a bookmaker will allow you to bet before he changes the odds and/or the points. |
| Line | In sports betting, the current odds or point spread on a particular event. |
| Linemaker | In the sports betting industry this is the person who establishes the original and subsequent betting lines. |
| Line Quality | A line may be normal, circled or sharp. A line would be circled due to injuries, weather or any other factor that causes the bookmaker to think the line may move drastically. Circled lines or circled games have restrictions on the maximum bet that will be accepted. A line would be sharp if the bookmaker expects the line to remain unchanged and there to be lots of wagering on that event. Sharp lines or sharp games have higher betting limits. |
| Listed Pitchers | In sports gambling a listed pitcher is a baseball 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. |
| Lock | A sure winner. |
| Longshot | In sports wagering this is a team or horse perceived to be unlikely to win. |
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