Horse Racing Glossary - L

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Lads & lasses – Low paid workers who contribute a great deal to the day to day running of a stable, who probably work for the love of the creatures rather than the money or status.

Lady - Slang for £5.

Late bets – A bet placed after the last permissible time, as indicated by the off-slip of a bookmaker. Such bets are void, whether they win or lose.

Late withdrawal – Where a horse is withdrawn before coming under starters orders.

Lay - A bookmaker's offer quoting the price at which he wishes to trade.

Layer – Another term for a bookmaker.

Leg – Stages of a multiple bet.

Left handed track - Racecourse where horses run anti-clockwise

Levy - The money that goes towards prizes and improvements to racecourses. It comes from amounts collected from bookmakers, based on their turnover.

Limited cover – Selective cover for a bet comprising of a number of selections, but where not every single permutation is covered.

Limited stakes – A race exclusively for horses that have been awarded handicap ratings below a certain figure.

Listed race – A listed race is a major race that is not quite as important as a Group (Pattern) race.

Longshot – A participant with very long odds and little chance of success.

Lucky 15 - A full cover multiple bet plus singles for 4 selections: four singles, six doubles, four trebles, and a fourfold. This makes either 15 win stakes or 30 each way stakes.

Lucky 31 - A full cover multiple bet plus singles for 5 selections: five singles, ten doubles, ten trebles, five fourfolds and a fivefold. This makes either 31 win stakes or 62 each way stakes.

Lucky 63 - A full cover multiple bet plus singles for 6 selections: six singles, fifteen doubles, twenty trebles, fifteen fourfolds, six fivefolds ad a sixfold. This makes either 63 win stakes or 126 each way stakes.

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