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In page Fixed-odds betting:

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"Lay betting" is a bet that something will not happen, so "laying $50 on a horse" is betting the horse will not win. Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor (in some English-speaking countries, the "punter") to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, "lay" is used in the sense of "layman", i.e., a bet sold by someone who does not sell bets professionally.[citation needed]