Late Position
Cut Off and Button are both in a Late Position. An immensely important strategic advantage that usually is neglected by beginners. A very important aspect of any poker strategy.
Leak
A player's weakness will often be called his Leak.
Limit Poker
Unlike in No Limit poker games, bets and Raises are exactly defined. Also see Fixed Limit for more details.
Limp
A different word for Call, mostly used in Pre-Flop situations, less so after the Flop. It tends to be interpreted as a sign of a weak hand.
Limp-Raise
Either just a Call or very small Raise Pre-Flop in the hope of being able to tempt the opponent to make a Raise - which in turn will end up in another Raise by the initial player. Also see Check-Raise.
Limper
The first player making a Call.
Live Game
Another expression for Cash Game.
Long Handed
A poker game with at least 7 players at the table.
Loose Player
This sort of player tends to play too many of his hands. Usually a Loose Player will end up being the victim of poker players with some experience. Also see Loose Game.
Lotto Player
A player who continues betting on his hand against all odds because he simply hopes for a miracle at the Turn or River.
Low Limit
Unlike in High Limit games people play for low Stakes here.
Lowball
A poker variant where the player with the worst hand wins.
LP
Abbreviation for Late Position.
Loose Game
Describes a poker game with a lot of Loose Players. You don't have to be a real Shark to make a profit at such a table, it usually suffices if you have a sound understanding of poker and some experience.