Liability
The amount at risk on an outcome — a layer's exposure on an exchange, or the book's aggregate payout risk on a market.
Liability is downside accounting: lay €10 at 5.00 and you’re liable for €40; a sportsbook’s market liability is its worst-case aggregate payout across all tickets.
Where it steers decisions
Exchange layers post liability as margin (capital efficiency determines strategy); trading desks watch liability ladders per outcome and rebalance via price moves or hedging when one result threatens the book. Liability views are also standard affiliate-platform reporting for operators — aggregate exposure per campaign or partner during price promos. It’s the risk-side vocabulary word that separates trading literacy from punting literacy.
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