The words baize, bays, beys sound the same but have different meanings and spellings. Why do baize, bays, beys sound the same even though they are completely different words?
The answer is simple: baize, bays, beys are homophones of the English language.
An often bright-green cotton or woolen material napped to imitate felt and used chiefly as a cover for gaming tables.
Plural form of bay.
Third-person singular simple present indicative form of bay.
Baize.
Plural form of bey.
Definitions from The American Heritage® Dictionary of the English Language, 4th Edition, from Wiktionary, Creative Commons Attribution/Share-Alike License and Wordnik.
Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.
If they are spelled the same then they are also homographs (and homonyms); if they are spelled differently then they are also heterographs (literally "different writing").