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1.
Verb. To divide something among two or more people, usually money, prizes, or goods. It's assumed each person will get an equal cut (50/50). In a lottery, for example, the winnings would have to be divided equally according to the number of winning tickets. But in other scenarios, people might agree to 60/40, 70/30, 80/20, etc.

When two or more people are working together - such as in a band (legit), for personal fundraising (legit), on a confidence scam (not legit), robbing a bank (not legit) or other criminal activity (anything not legit) - each person involved expects to get an equal cut of the take (money, profits, drugs, winnings, stolen merchandise, etc). But there's always a chance someone will get greedy and try to take more than his or her fair share or re-negotiate the split once the goods are in his or her hands. So agreeing to "split the pot" can be risky business.
"There's no honor among thieves."
"Hey now, just because I suggested we split the pot doesn't mean I'm gonna try to cheat you outta your cut when the deal is done. We're partners on this - fifty fifty!"

"Thanks for agreeing to work tonight! If you need anything, just ask Brian, behind the bar. And remember to split the pot with him at the end of your shift."
by criticalmass August 02, 2012