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Definitions for: L

Law of Large Numbers

With increased number of trials, average of results tends to get closer to expected result.


Synonims: Lay a Bet.
Buy a Bet against something, only possible in a Betting Exchange. Action of betting that some event will not happen.
When a Bookmaker accepts a Bet from a bettor, the Bookmaker is, in fact, laying that Bet. Betting exchanges allow anyone to play a role of Bookmaker, i.e., to lay bets.
The money risked to lose by the bettor when he makes a Lay Bet is called Liability. If he wins a Lay Bet, his profit will be the Backer’s Stake.
Layer’s Liability = Backer’s Stake * (Decimal Lay Odds - 1)
Opposite: Back a Bet.

Lay a Bet

Synonims: Lay.


Liability is the amount that the bettor risks when he Lays a Bet, i.e., it’s the Stake of a Lay Bet.
See: Stake, Lay Bet.

Live Bet

Synonims: In-play Betting.
Betting on a certain event while it is in progress. Bookmakers and Betting Exchanges choose events which will go in-play, and permanently adjust odds, in accordance with development of the match.