Leak - (a) To lose back part or all of one's winnings through other gambling habits.
(b) To have part of your skill set that is significantly lower than the rest of your game thus allowing a loos of money in that area.

Leg - One game in a series of poker hands, where the rules require that a player win a number of times to collect the pot. In Double-Legged poker, for example, a player must win two hands (or legs) in order to collect the pot.

Legal raise - A raise that, in a no-limit or pot-limit game, is equal to or greater than the previous bet or raise, or, in a limit game, is equal to or greater than half the previous bet or raise. This comes into play in determining whether the betting can be reopened. See reopen the betting.

Legitimate Hand - A string hand that is not a bluff.

Legitimate play - When a player bets in a way that corresponds accurately to his hand; i.e. does not attempt to represent a hand that he does not have.

Level - The period of time in a tournament during which the betting stays at the same limit or the blinds remain the same. For example, a tournament might start out at $10/$20 limit for the first half hour, then go to $15/$30 for the next half hour, and so on.

Light, to be - To be short on the funds required to remain in the game. Some tables allow a player to state, for example, "I’m light, I owe the pot five dollars", meaning that the player will owe five dollars to the player who wins the pot, unless that particular player happens to win. See also: "Table Stakes."

Limit Poker  - A game that has fixed minimum and maximum betting intervals, along with a prescribed number of raises.

Limper  - The first player who calls a bet.  

Limp in - To enter a pot by simply calling instead of raising.

Little Blind - the smaller compulsory ante in Hold 'em paid by the first player to the left of the dealer.

Little ones - The lowest card in a player’s hand and any that match it in the same hand. For example, if the lowest card in a player’s hand is a Three, and that player has two of them, they are both the little ones. Typically designated in wild card games, such as Kings and Little Ones.