Terms and Descriptions

Liability

Also known as exposure. The amount of money a sportsbook will allow itself to lose on a bet.

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Long Shot

A bet that doesn’t have a realistic chance to win.

Lock

When a bet is perceived as “easy” or “can’t-lose”.

Live Odds

Odds that change as the match is being played.

Live Betting

Also known as In-Play / In-Game / In-Running. Betting on a match as it’s live.

Lines

The odds of a game. Also known as price.

Linemaker

Also known as an oddmaker. An individual who sets the betting odds.

Line Movement

A sportsbook may adjust certain odds due to external circumstance, injury, and other influencing factors.

Limit

The maximum amount of money that is accepted by a sportsbook for a particular bet.

Layoff

The act of a sportsbook betting with another sportsbook to reduce its liability.

Laying the Price / Points

Betting on a favorite.