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To offer a bet in which one stands more to lose than the opponent; or a bet in some other way favourable to the opponent.

Additional definitions for 'lay odds':

lay oddsTo feel certain about something.
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"lay odds." Phrases.net. STANDS4 LLC, 2017. Web. 19 Nov. 2017. <http://www.phrases.net/phrase/lay-odds_13438>.

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