COLOR UP is a term used in casino's when a player is winning he/she takes the lower denominated colored chips and trades them in for higher denominated different color chips. this limits the chips you are holding, while keeping the same dollar value in your hand.
ten $10 dollar red chips can be replaced by one $100 black chip, It is time to color up!
by Mark D Zarrilli September 28, 2006
To wear the colors of a school or sports team at an event to show your support
Jimmy was wearing a green polo to the Kentucky game so I told him to color up.
by Pondertime May 03, 2015