When you try to fart but end up shitting in your pants.
Carlos and I were hanging out in the hotel room when Carlos lifted a cheek and squeezed one out. Unfortunately it sounded wet. Carlos gambled and lost.
by perogi February 02, 2007
When one has "gambled and lost," they have tried to fart, but in the process, some fecal matter has come out. Usually resulting in a "shower of shame." Opposite of "gambled and won."
Rory: Hey, where's Jake?
Brian: Oh, he gambled and lost and now he is taking a shower of shame.
by Jaker February 03, 2006

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