Late betting is also known as Pat Betting. It is an act of placing bets in a gambling game after the time when no more bets can be taken. It is one of the forms of cheating as the game commences the outcome of the game becomes clear and people who placed bets later are more likely to win.
The term originated in horse racing where ‘call the post’ is announced before the match starts to mark the closing of bets. It was easy to make post bets due to lack of surveillance. Players used to distract the dealer and move their bets after the outcome of the game has been revealed. A retro movie ‘The Sting’ features Late Betting.