To lay the odds or laying the odds is a term used for wagering. This term is most frequently used by bettors in sportsbooks, but you shouldn’t be surprised if you hear it among casino players too.
There are two ways to make a bet. One of them is laying the odds, while the other is taking the odds. When a player lays the odds, it means they are expected to win less than the amount they’ve wagered — for example, when the odds are so high on a clear favourite. In other words, if you are betting $100 but you are expected to get, let’s say, $75 if you win, you are laying the odds.
When the odds are in your favour, you should “take the odds”. So if you are betting $100, as long as you make a profit, be it $100.01, you are taking the odds.