Top definition
An underdog that has a better chance of victory than the betting line suggests. Even though they're less likely to win than the favorite, betting on live dogs can be profitable over time because the reward would exceed the risk.
Laszlo: The oddsmakers are favoring Steve "the Boxer" Punchalot over Ricardo "Big Fist" Sanchez.

Balthazar: True, but I like Sanchez's chances. I think he's a live dog.
by B@lth@z@r July 23, 2014
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