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Simple English definitions for legal terms

layoff bet

Read a random definition: estandard

A quick definition of layoff bet:

A layoff bet is a type of bet made by a bookmaker to balance the amount of money placed on each side of a wager. This helps the bookmaker avoid losing too much money and ensures that the total amount of bets is equal on both sides. It's like a safety net for the bookmaker.

A more thorough explanation:

Definition: A layoff bet is a type of bet placed by a bookmaker to reduce their risk of losing too much money or to balance the amount of money bet on each side of a wager. It is a way for bookmakers to protect themselves against excessive losses.

Example: Let's say a bookmaker has taken a lot of bets on one team to win a football game, and they are worried that if that team wins, they will have to pay out more money than they can afford. To reduce their risk, the bookmaker might place a layoff bet on the other team to win. This way, if the first team wins, the bookmaker will still make a profit from the layoff bet.

Explanation: The example illustrates how a layoff bet works in practice. Bookmakers use this strategy to minimize their losses and ensure that they make a profit no matter what the outcome of the wager is. By placing a bet on the opposite outcome, they can balance the amount of money bet on each side and reduce their risk of losing too much money.

layman | layoff bettor

General

General chat about the legal profession.

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llama

22:47

@NemoPropheta: noo they drug test before the LSAT! U will get flagged!

ParallelAgreeableOrangutan

23:19

I'm intrigued llama

ParallelAgreeableOrangutan

23:21

Holdddddup all that number crunching on your lsd profile is your work? Damn

ParallelAgreeableOrangutan

23:21

I don't visit y'all's profiles enough, clearly

NarrowFaithfulCougar

0:22

@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.

llama

1:23

@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.

RasheedWallaceFan

12:52

@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?

RasheedWallaceFan

12:53

do you have C&F issues or something?

RasheedWallaceFan

12:55

also ur first choice is kansas but you didnt apply there?

llama

12:55

@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10

llama

12:57

@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr

NemoPropheta

12:58

are you R&Ring?

llama

13:00

No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.

RasheedWallaceFan

13:10

oh so you submitted the apps with a lower lsat and then retook

RasheedWallaceFan

13:10

got it

Bettercaulsaul

13:33

Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher

ParallelAgreeableOrangutan

13:34

I vote NEL-Boston so we can be friends :D

ParallelAgreeableOrangutan

13:34

But it says you withdrew?? :(

ParallelAgreeableOrangutan

13:41

@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms

llama

2:21

While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.

llama

2:22

Sorry WNE = Western New England not NEL|B

LawCarrot

14:50

Hey guys is anyone online rn

LawCarrot

14:51

I need adviceee

llama

15:48

shooooot

Mitchthemeanguy

17:45

hey y'all so im gonna be honest im completely new to all this, i kinda bullshitted and took the LSAT and i have no clue what my odds are of getting into schools. 163 LSAT, 3.17 GPA, and a double major in undergrad i may write about in an addendum

InnateMatureRhino

17:50

Based on the list I see you made on your profile, you will need to make significant LSAT improvement for those schools to be contenders. Your primary focus should probably be working to get your LSAT practice tests up to a number you are happy with before you retest, and then test until you get a score you like. Don't rush an application cycle or apply late since those will hurt your odds of getting into your school as a splitter. Good luck!

Mitchthemeanguy

17:51

oh that was literally just random stuff i dont know how this works

Mitchthemeanguy

17:51

thank you so much!

Mitchthemeanguy

17:52

im retaking in 4 days, and maybe again in august, and i was gonna apply to see what i got, and if i didnt like it i was going to wait till next cycle and work on improving my GPA

PremiumFrequentCrane

21:33

@InnateMatureRhino: wow rude

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