Often used in the gambling subculture. To make a bet or wager on a game and/or proposition bet on one's normally good credit or with the intention of "settling up" at the conclusion of the game or wager only to claim that you don't have the wagered money on your person. Also known as "throwing an air bullet."
"I'll bet you a hundred bucks you can't make that in to the trash can from here....no air bullets."
"I beat Jeff in heads-up freezeout but when I asked for the scratch he threw me an air bullet."