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Ladies
• A pair of queens.

Late Position
• Position on a round of betting where the player must act after most of the other players have acted (usually considered to be the two positions next to the button).

Lay Down
• When a player folds. To fold a strong hand because you believe someone has a stronger hand, it is called a "good lay down."

Lead
• The first player to bet into a pot.

Legitimate Hand
• A strong hand. A hand that is not a bluff.

Lid
• Top card of the deck.

Limit
• The maximum bet or raise allowed.

Limit Poker
• A game that has fixed minimum and maximum betting intervals along with a prescribed number of raises.

Limp In
• To enter the pot by calling the Big Blind rather than raising.

Little Blind
• The first and smallest blind bet.

Live Blind
• An instance where the player puts in a Big Blind and is allowed to raise, even if no other player raises. It's also known as an "option".

Live Hand
• A hand that could still win the pot.

Lock
• A hand that cannot lose.

Lock-Up
• A chip marker that holds a seat for a player.

Loose
• A player who plays a lot hands.

Loose Game
• A game with a lot of players in most hands.

Low Limit
• A game where the amounts wagered are small.

Lowball
• A form of draw poker in which the lowest hand wins the pot.

Lowcard
• The lowest upcard at seven-card stud, which is required to bet.