verb

• (transitive) To lay, spread, or apply (something) over or across (something else); to overspread.
  "Near-synonyms: cover, superimpose, superpose"
• (transitive, now rare, archaic) To lie over (someone, especially a child) in order to smother it; to suffocate.
  "And this womans childe died in the night: because she ouerlaid it."
• (transitive, printing) To put an overlay on.
• (transitive, gambling) To bet too much money on.
  "[…] he has 'overlaid' his book, and has not succeeded in 'getting round' by bets against the other horses."

noun

• (photography, graphic arts) An image to be overlaid on another; a superimposition or diapositive.
• (printing) A piece of paper pasted upon the tympan sheet to improve the impression by making it stronger at a particular place.
• (gambling) Odds which are set higher than expected or warranted. Favorable odds.
• (horse racing) A horse going off at higher odds than it appears to warrant, based on its past performances.