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Taking the Odds - "One of the two basic ways of betting, when the bettor is winning more then the wagered money, that is he is 'taking the odds'. This is specific to casino betting. The second one, already explained, is when, in sports betting, it happens that an excessive number of bets are placed on a single favourite and the bettors receive less than the amount betted because they have to pay also commissions; so they are 'laying the odds."
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