bay / bey are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
bay: (noun) an indentation of a shoreline larger than a cove but smaller than a gulf. (noun) the sound of a hound on the scent. (noun) a compartment on a ship between decks; often used as a hospital. (noun) a compartment in an aircraft used for some specific purpose. (noun) a horse of a moderate reddish-brown color. (verb) utter in deep prolonged tones. (verb) bark with prolonged noises, of dogs. (adjective) (used of animals especially a horse) of a moderate reddish-brown color.
bey: (noun) (formerly) a title of respect for a man in Turkey or Egypt. (noun) the governor of a district or province in the Ottoman Empire.
bay: b·EY
bey: b·EY
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)