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Loose
A loose player is a player who plays a lot of hands, including weak ones. He enters many pots and is less selective than the average player. The opposite style is tight.
Loose Game
A loose game is a game in which many players are involved in many hands. The players are not selective, so pots are larger and more frequent.
Loose-Passive
A loose-passive player plays many hands, and calls rather than bets or raises. He is also called a calling station.
Low Hand
A low hand is a hand that wins by being the lowest. In hi-lo games it takes half the pot, and in lowball games it takes all of it. In many games the best low hand is A-2-3-4-5, known as the wheel.
Low Limit
A low limit game is a game in which the amounts wagered are small. Players can learn there with little risk.
Low-Stakes
Low stakes are poker games with small blinds, above micro stakes but below mid stakes. Online they are roughly $0.25/$0.50 to $0.50/$1, and in live rooms games such as $1/$2 are usually called low stakes.
Lowball
Lowball is a form of poker in which the lowest hand wins the pot. Variants include ace-to-five lowball and deuce-to-seven lowball, which rank hands differently.
Lowcard
Lowcard is the card with the lowest value in a hand or on the board. In stud, the player with the lowcard must start the betting with the bring-in.
Luck
Luck is the influence of chance, rather than skill, in a game. In poker, luck can decide the short term, but in the long run skill wins.
Luck Out
To luck out is to outdraw and beat a good hand. The player who was behind catches the card he needs.