Education

In horse race handicapping, "underlay against" refers to a situation where a horse is considered overbet by the public, meaning its odds are lower than its true probability of winning—essentially, the horse is being bet down too much, often due to popularity, recent wins, or connections, rather than its actual chances in the race. When a horse is an underlay, the risk of betting on it is higher than the potential reward, because the payout does not reflect the horse's real likelihood of winning.​