Glossary about online Betting

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Glossary

Definitions for: L

Law of Large Numbers

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

Lay

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

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.

Community

The Academy portal gives you club, player and competitions statistics in Football. We cover Cups, Leagues, Tournaments and Friendly Games from countries and teams from around the globe. We offer from goal scorers to, final and half-time results, red and yellow cards, among other functions and events that will help the users to have a more enjoyable and complete knowledge of the available sports. You can follow live scores from competitions such as the Portuguese League, Spanish League, Premier League, Champions League, Europa League, among others.

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