There are a lot of betting terms to master, and understanding, here you can find the general online betting terms out there:
IBAS: A service that settles betting disputes between bookmakers and punters.
In Running: When bets are placed during an event it is known as in running betting.
Jolly: Another name given to the ‘favourite’.
Lay: When a bookmaker accepts bets it is often said that they lay a bet. A bookmaker It will often be known as a layor. You can lay yourself on Betting Exchanges (see our section)
Layers Liability: How much a layer stands to lose if the laid selection wins.
Lengthen: When a bookmaker sees little activity on a particular outcome, they may choose to lengthen or increase the odds available.
Line: The current odds or point spread on a particular event.
Lock: US term for an almost guaranteed winner.
Longshot: A team or horse perceived unlikely to win.
LSP: Level Stakes Profit. The amount of profit that would have been made if all stakes had been 1 unit
Lucky 15: A Lucky 15 consists of 15 bets involving 4 selections in different events. The bet includes 4 singles, 6 doubles, 4 trebles, and 1 fourfold.
Lucky 31: A bet on five selections covering singles, doubles, trebles, fourfolds and a fivefold
Lucky 63: A bet on six selections covering singles, doubles, trebles, fourfolds, fivefolds and a sixfold