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risk it for the biscuit 

= Take the chance of sacrificing your current possessions in order to win much more... the sexy biscuit.

Biscuit just rhymes with risk it. Plus biscuits are sexy. Butter yo biscuit!

In the case of (probably) the first time this phrase was ever used, the "biscuit" was the opportunity to maximize your earnings and then earn even more. The risk was the possibility of losing your acquired earnings when you could have kept them if you weren't so greedy!

Background:

First used at least 3 years from today during a round of the dice game "10,000" at Jamezy's, to encourage those with only 1 die left to take the chance and roll because if they hit a "1" or "5" they would get to roll all 6 dice again whilst retaining the points acquired during their first turn.

In this game you have 6 dice and take turns in a clockwise rotation rolling the dice to accumulate 10,000 points to win the game.

Each turn when you roll something worth points (ex. "1" = 100 points and "5" = 50 points) you get to roll the remaining dice again or keep the points you have acquired during your turn.

If you earn points with all 6 dice, you get to roll all 6 again (biscuit).
J: I think I'm gonna stop and keep the 500 points.
A: Naw man, risk it for the biscuit! The sexiest of biscuits!

J: LOL alright... I'M RISKIN IT FO DA BISCUIT!
risk it for the biscuit by Pap¡ October 20, 2016
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the biscuit game 

A game u play where you circle jerk onto a biscuit and the last person to cum has to eat the biscuit covered in cum
"Dude this isn't time to have stamina! if your last you have to eat the biscuit filled with cum! Thats how you Play the biscuit game"
the biscuit game by Saile111 November 26, 2013

Buttered the Biscuits 

1. The act of pulling out during doggie style or anal sex and ejaculating on the persons butt cheeks. 2. Ejaculating on a female's butt cheeks after sex.
Janet and I had some great doggie style action last night. At the last second, I pulled out and "Buttered the Biscuits."

Pissed the biscuit 

I dropped my ecig and it busted into pieces. I really pissed the biscuit.
Pissed the biscuit by Katie Foreal February 19, 2017

eat the biscuit

when a guy and his friends do a circle jerk, they cum onto a biscuit. the last guy to cum has to eat the biscuit.
oh snap! kendrick has to eat the biscuit again! he must like it.
eat the biscuit by lizzie1 October 13, 2008

no stranger to the biscuit tin 

A fat wap. Person of unenviable girth.

See also:
Salad dodger. Hips like a 100 watt bulb. Thighs like rolls of lino.
See that Mark Daniels - there's a well trodden path to the fridge door in his house..... He's no stranger to the biscuit tin....

hot in the biscuit 

Even though it was pouring outside, he got all hot in the biscuit to go out.
hot in the biscuit by xman212 July 13, 2007