A variation on No Guts, No Glory. If you don't take the risk, you don't get the reward. Balls, of course, refers to balls, and blue chips refers to the casino or poker chips of the highest value.
"No balls, no blue chips" he exclaimed, as he pushed all in at the poker tournament.
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. PenguinBooks,1992. p. 38)