A bet (wager) that is so serious, it is made over the Arizona Iced Tea drink. The bet is initiated by someone calling a bet, then spilling some Arizona. The winner is awarded a can of Arizona from every person involved. The bet can't be broken, since everyone LOVES Arizona.
Person 1: "yo i bet you an arizona that she will get laid soon"
Person 2: "Definitely not. The arizona bet is on! "
Person 1: "The Yankees will win."
Person 2: "No they won't. Let's bet an Arizona on it"