Betting against an outcome rather than for it, done on a betting exchange where you take the bookmaker's side.
Glossary
Betting and sports terms.
Lay Betting Line Shopping Comparing the odds for the same selection across several bookmakers and always taking the best price.
Lucky 15 A full-cover bet of 15 bets from 4 selections: 4 singles, 6 doubles, 4 trebles and 1 four-fold.