Can someone please explain the difference between a shemale and a ladyboy?

Good question, I have no idea but will be following the responses

Ladyboy is just a shemale in Thailand I think

This is what I get on the net...

Main Difference -- Ladyboy vs Shemale

Ldayboy and shemale are two terms that have similar meanings. Both are politically incorrect terms to refer to transgender women. Although the meanings of these are similar, there is a difference between ladyboy and shemale based on their usage.The word shemale is typically used to refer to transgender women in prostitution or porn industry whereas ladyboy is a word that specifically refers to transgender women in the Far East countries such as Thailand.This is themain differencebetween ladyboy and shemale.

Ladyboy - transgender in Thailand, no moola involved.

Shemale - transgender - anywhere in the world - being PAID for sex.

Is my understanding correct?

Ladyboy was originally the English translation for Kathoey, a term used in Thailand to define transgender women. Ladyboy is used commonly in Asia (the Philippines, Malaysia, etc), but it has also become very popular in the adult industry. Ladyboy is generally okay when employed in Asia, but it is viewed negatively in the rest of the world and can be taken as an insult.

Shemale is a term exclusively employed for the adult industry, for movies featuring pre-op transsexual women. Interestingly and unfortunately, it's a very popular word, with substantially more results on Google than for any other related term. It is a negative and disrespectful term because of its connotation. Do not use it when addressing trans women.

Our language hasn't really evolved very well to cater for anything other than the normal two sexes, and this question reflects that. There isn't a universally accepted term for males presenting as females (I am not talking about the current rash of wokesters that are really just attention seekers). The medical term proposed by some is "gynandromorph" and people who like them as "gynandromorphophiliacs" but even that term isn't common. It's not in DSM5 for example, at least not that I can find.

Personally I have always thought of "ladyboy" as someone specifically of Thai origin, and "shemale" as sex workers, such as the famous Sao Paulo shemale scene. Non-sex working males who present as females I have simply thought of as female - never found the need for distinguishing them by profession.