Definition
'Laying the price' means to bet on the favorite to win the game straight up, laying money odds.
But what does it mean?
Another way of describing the term 'laying the price' can be seen in the casino game of craps. If one bets on the "don't pass" line and the dice don't pass (shooter does not get a 7 or 11) one needs to put more money (lay more) on the supplemental odds bet-the gambler needs to lay more money because the likelihood of rolling a 7 increases before the shooter can make his point. In sports betting, betting on a favorite on the moneyline is a very tempting bet, but most often is a mathematically unsound venture. For example for a football game where team A is favored by 7 points, the moneyline for such a game might be around -300 (in other words $300 to win $100). For Joe Q. Public who thinks that Team A will 'definitely' win the game, then he must lay a 3:1 bet for the sportsbook to take his money. In general, such bets are bad bets, for one has to win at a greater percentage for one to show profit in the long run.
Major League Baseball (MLB)
In the MLB, the basic way of betting is on the moneyline. Throughout many seasons, the author has found out that higher priced favorites do win at a high rate than their higher priced underdog counterparts. Favorites in the -200 and up range are generally a good bet (although if a team is struggling, placing a -200 and up bet on this team can be quite dangerous).
An alternative
Betting on the favorite on the moneyline, though tempting, is statistically a bad bet. Alternatively, betting on their counterpart-the underdog-can be quite profitable, if given the right conditions. Usually betting on the underdog moneylines in high profile games and where the spreads are not too high (approximately <10 points in basketball, and <14.5 points in football). In the MLB, betting on the underdog is generally a good way of betting. A specific profitable situation exists in betting the home underdog (especially strong if such a team is playing a division rival). In the long term, blindly betting on the home underdog in a divisional rivalry game is a winning play.
Summary
In closing, betting on the favorite on the moneyline is termed 'laying the price'. Such a bet is generally a bed bet, since one has to lay more money to win less. Betting on the pointspread is a better option, and should be utilized by the savvy sports gambler.