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This can have the effect of pushing favorites down definition gambling becoming underlays - horses whose odds are lower than their actual chances - and pushing middle-priced horses into becoming overlays — horses with odds significantly higher than their actual chances. How to Pick Winners. Odds that reduce, say from toare said to have shortened. Are any of your top selections higher than 8-to-1? Retrieved 2 August Experts disagree about whether or not an overlay can be gained at some other games. Players who play games with a low house advantage casino bloomington illinois low bet size such as penny slots, can get more than their expected loss in free items from the casino.Betting Glossary. Overlay, This is a price offered on a particular result that is higher than the true odds of it actually happening. Pool, A pool is a sum of many. There is no question that this is a good bet and that it is an overlay. But the authors are wrong when they imply that this is the only definition of an overlay and. OVERLAY BETTING. The definition of overlay betting is simply “securing your value prices or better”. In other words, a horse is an overlay when you can get.