The movie centers around one even, a horse race. A gambler goes to his bookie to place a bet. The bookie replies by saying "I'll lay it off on..." I have no idea what this mean. I think I might be missing something about the plot.
2006-10-03 06:08:23 · 2 answers · asked by What the...?!? 6 in Games & Recreation ➔ Gambling
The first bookie doesn't want to risk having to pay off a big bet. But he doesn't want to miss a money making opportunity. So he finds a second bookie and gives him a part of the wager. If you lose they are both happy. If you win each pays part of your winnings back to you (even though it appears to come from the bookie you bet with).
It is a form of reinsurance. Like when a company insures your house in a hurricane zone but doesn't want to worry about paying the full cost if it is destroyed. They give some of your premium to another insurance company who would pay their share if there is damage.
2006-10-03 06:13:48 · answer #1 · answered by Rich Z 7 · 2⤊ 0⤋
If a bookie is not happy about 'covering' a bet, because he stands to lose too much if the horse wins, he will 'lay the bet off' or a large part of it, to another bookie. If the horse wins, the bookie collects from the other bookie and pays the punter the full amount............
2006-10-03 06:13:46 · answer #2 · answered by thomasrobinsonantonio 7 · 1⤊ 0⤋
he'll back off but the bet is still on
2006-10-03 06:13:19 · answer #3 · answered by otess a 2 · 0⤊ 0⤋