The term 'Lays Odds' is a phrase used in gambling. It refers to the practice of a bookmaker or casino taking BETS on an event, and then setting the odds for that event. The term 'BETS' is a four-letter word that is related to this phrase. BETS are the wagers placed by gamblers on the outcome of an event. When someone lays odds, they are essentially setting the odds for the event, and the bettors will then decide whether or not to take the bet.