Lay odds
Meaning
To state the probability of something happening or to offer a wager against a particular outcome.
Origin
The act of 'laying odds' traces its roots to the burgeoning world of formalized betting, particularly in 18th and 19th-century England with the rise of professional bookmakers. Before this, wagers were often person-to-person, but as public events like horse racing gained immense popularity, individuals began to specialize in accepting bets and setting the terms. To 'lay' something historically meant to put it down or present it. Thus, a bookmaker would 'lay' the odds—presenting the calculated probabilities and payouts to potential bettors, effectively offering the wager and committing to the terms against the outcome.
Examples
- The bookmaker was willing to lay odds of three to one against the underdog winning the championship.
- I wouldn't lay odds on him finishing the marathon after missing so much training.