To "black flag".
Meaning to make a bet, and lose it. Then not follow through with the consequences.
YOU: "I'll make a bet that Carlton suck and miss the 8, loser has to suck Suzis penis."
BlackFlag: "Carlton will win the premiership you douche, i'll take your bet"
Carlton go on to stink up the entire competition, blackflag loses the bet, and ignores that the bet was ever placed. Making him a dirty welch and the lowest form of life in the universe.
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