A–Z index
Gambling terms beginning with L
17 terms under L, each with a one-line summary. Follow a term for the full explanation.
- La partage Casino games
- A French roulette rule that gives back half of an even-money bet when the ball lands on zero, instead of losing the full stake.
- Law of large numbers Odds & probability
- The law of large numbers is a probability theorem stating that the sample average of repeated independent trials converges to the true expected val…
- Law of large numbers blackjack Casino games
- In blackjack, the law of large numbers means that over many independent hands, the average result tends toward the game's expected value—typically …
- Likelihood vs probability Odds & probability
- Likelihood measures how well a statistical model explains observed data by treating the data as fixed and varying the parameters;
- Live betting Sports betting
- Live betting, also called in-play betting, is any wager placed on a sporting event after it has started and before it ends.
- Live greyhound betting Racing
- Live greyhound betting means placing a wager on a greyhound race while the race is actually taking place.
- Loss limit gambling Responsible play
- A loss limit is a responsible-gambling tool that caps the net amount a player can lose over a chosen period, with winnings subtracted from the tota…
- Lottery Lottery & bingo
- A lottery is a gambling arrangement where participants pay to enter, one or more prizes are awarded, and the winners are chosen entirely by chance.
- Lottery annuity if you die Lottery & bingo
- A lottery annuity if you die refers to what happens to the remaining scheduled payments of an annuitised lottery prize after the winner passes away.
- Lottery jackpot odds Lottery & bingo
- Lottery jackpot odds are the probability of winning the top prize in a lottery game, usually expressed as a ratio such as 1 in 13,983,816.
- Lottery lump sum percentage Lottery & bingo
- The lottery lump sum percentage is the smaller cash amount offered as a single immediate payment instead of the full advertised annuity jackpot pai…
- Lottery rollover Lottery & bingo
- When a lottery prize is not won or claimed, the money is added to the prize fund of a future draw rather than being kept by the operator.
- Lottery scratchcards Lottery & bingo
- A lottery scratchcard is a ticket whose result is fixed before the player buys it, and the player scratches off a coating to see if they have won a…
- Lottery syndicate Lottery & bingo
- A lottery syndicate is any group of players who combine their money to buy tickets and then split any prizes they win.
- Lottery syndicate form Lottery & bingo
- A lottery syndicate form is a document that records the members, stakes, and rules of a group that pools money to buy lottery tickets and agrees ho…
- Lump sum lottery payout Lottery & bingo
- A lump sum lottery payout means the winner gets the entire prize in one go, rather than in yearly or monthly instalments.
- Lump sum vs annuity formula Lottery & bingo
- A formula that compares the cash value of a lottery jackpot paid immediately with the total of instalments paid over time, used to show the differe…