Top Definition
A bet made by a person of Indian descent, knowing that what he bet for is unlikely incorrect, and does not know that he will be mobbed for his money later on by the guy he bet with.
"See, I win the bet!!"

"No, it was an Indian bet, no money for you"

"All right, we'll fix you" (motions to gang behind him)
"Get him fellas!!!"

(Indian gets mobbed for making an Indian bet)
by IndianBet May 07, 2010

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