Legal Definitions - layoff bettor

Definition: A layoff bettor is a bookmaker who accepts layoff bets from other bookmakers. A layoff bet is a bet placed by a bookmaker to protect against excessive losses or to equalize the total amount placed on each side of the wager.

Example: Let's say Bookmaker A has taken a lot of bets on one team to win a game, and not many bets on the other team. This means that if the team with fewer bets wins, Bookmaker A will lose a lot of money. To protect against this, Bookmaker A might place a layoff bet with Bookmaker B, betting on the team with fewer bets. This way, if that team wins, Bookmaker A will still make some money from the layoff bet.

Explanation: The example illustrates how a layoff bettor works. Bookmaker A is the primary bookmaker who has taken a lot of bets on one team, and Bookmaker B is the layoff bettor who accepts the layoff bet from Bookmaker A. By placing a layoff bet, Bookmaker A is protecting themselves against potential losses and ensuring that they make some profit regardless of the outcome of the game.