To put up everything you have, while gambling in a card game.
Mike bluffed with his ace high and bet the farm losing everything.
by TwitChy December 14, 2003
Original Definition- A phrase that essentially has no meaning, but it also means everything and can be used as a replacement for literally any other phrase.
Let's get this party started! Bet the farm, motherfuckers
by lesoldham March 16, 2013