L

Lay
This is to bet or wager.

Layer
This is a bookmaker or one who ‘lays’ odds.

Length
This is the length of a horse from the horse's nose to the start of its tail and is used to describe winning distances, e.g., won by a length or half a length.

Listed race
Those flat races which in any particular year are published in the Pattern Race Book as listed races. Also, those steeplechases and hurdle races and national hunt flat races which in any particular year are published as listed races in the Programmes of Steeple Chases and Hurdle Races Book published by the authority of the British Horseracing Board.

Long odds
These are odds (e.g., 100 to 1) offered against a competitor unlikely to win.

Long shot
An outsider or selection at long odds not given much chance of winning.