Lay odds is a term used in gambling, which refers to the practice of one person BETTING against another. It involves one person offering a wager to another, and the other person accepting the BET. The person who offers the BET is known as the 'laying' party, while the person who accepts the BET is known as the 'BETTING' party. The laying party sets the odds for the BET, and the BETTING party must agree to those odds in order to accept the BET.