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A gamble to decide whether a loss or debt from a previous bet should be doubled or canceled.
Person A wins $5 off of Person B. Person B says "Double or nothing". Person B wins the second bet and the preexisting loss is canceled and no one receives money. If Person A wins the second then he receives double the amount of the first bet.
by qwertyuiop7777 May 17, 2015
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To make a second wager following a first one. The loser of the first wager will either owe the winner of the first wager double the original bet (if he loses again) or nothing (if he wins).
Fred and Raul bet $10 on a ping pong game. Fred won the first game, so Raul owes him $10. Raul offers "double or nothing." Fred accepts. If Fred wins again, Raul owes him double the original bet ($20). If Raul wins the second game, they are even and he owes Fred nothing.
by wh33ls January 14, 2010
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The option in a bet where one of the contestants say they would like to play again (whatever they are playing) for double the amount of the original bet or lose everything they're in for.
Two guys playing pool:

Guy #1: Aw, damn! You beat me. Guess I owe you the $50... Hey, wait. Double or nothing?

Guy #2: Sure, bud. Your loss :)

*Guy #2 looses*
*Guy #1 receives $100*
*Guy #2 cries like pathetic emo child*
by MicCheck May 12, 2005
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Usually used in Gambling. To double the amount of a previous bet. Whoever wins will in exchange get twice the amount of the bet before.

Two people arm wrestling, the winner will get $10.

First Guy: Awh you beat me, let's double or nothing.

Second Guy: Okay, lets play again.

Second guy loses, First guy wins double the previous bet, being $20 even though he lost the first time.
by Lateeshaaaa January 04, 2008
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Is when someone wants to double a bet that they lost in order to still win money.
Colvin bets Josh in a game for $10. Colvin loses and then calls β€œdouble or nothing”. At this point Josh must accept the bet or he receives nothing. However if he does accept it then he will be playing for $20 and Colvin will be playing for $10.
by Humble Beast May 25, 2018
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