| Late Position | A position on a round of betting in which you act after most of the other players have acted. |
| Lay Down | To reveal one's hand in a showdown. |
| Lay Down Your Hand | To fold. |
| Lay The Odds | To wager more money on a proposition than you hope to win. |
| Lead | To be the first to enter the pot after the blind. |
| Leak | To lose back part or all of one's winnings through other gambling habits. |
| Legitimate Hand | A strong hand that is not a bluff. |
| Limit Poker | A game with fixed minimum and maximum betting intervals. |
| Limp In | To enter the round by calling a bet rather than raising. |
| Limper | A player who enters the pot for the minimum bet. |
| Live Blind | When the player is allowed to raise even if no one else raises first; straddle. |
| Live Card | In stud games, a card that has not yet been seen in an opponent's hand and is presumed likely to be still in play. |
| Live Hand | A hand that is still eligible to win the pot. |
| Live One | An inexperienced, bad or loose player who apparently has plenty of money to lose; a rich sucker. |
| Lock | A hand that cannot lose; a cinch hand. |
| Long Odds | The odds for an event that has a relatively small chance of occurring. |
| Look | To call the final bet (before the showdown). |
| Loose | Playing more hands than the norm. |
| Loose Game | A game with a lot of players in most pots. |
| Lowball | A form of poker in which the lowest hand wins. |
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