Ladies: see Hiltons

Lady: Used in reference to a Queen.

Late Position: These are players that act later in betting rounds. For example, the player on the button and the player in the cutoff position are in late position.

Leak: A consistent flaw in play.

Leather Butt: A player who plays for a long period of time, or someone who plays a wide variety of games.

Limit Poker: Poker with fixed bets.

Limp In: To just call the big blind (often despite holding a huge hand (i.e. A-A) as a move to not show strength – trying to cash in big in later betting rounds).

Limp Raise: To make a small raise preflop in order to either get reraised (holding a huge hand, i.e. K-K) or get the pot prepared if you catch a big draw (holding a draw hand like A-Q), especially effective in Pot Limit games.

Loose: Someone who plays a lot of hands, even getting involved in risky draw hands.

Laydown: To fold. Mostly referring to critical decisions while holding a good hand – although possibly not the winning hand (i.e. you’re holding K-K, the board is A-A-K-10-10, you’ve got a boat, Kings full of Aces, on the other hand a single Ace in your opponents hand would make him a boat Aces full of tens).