Liability

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.