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"Action" as used in gambling typically refers to a bet or wager or just the general act of betting. More specifically, "action" can be used to mean either a live bet/bets or, in poker, a bet along with any calls for that bet.

Action may also refer to the total amount of money wagered by a player in a full gambling session. And in sports betting, a bet may be deemed "action" if it is valid. In baseball, "action" is a special type of bet wherein the bet still counts even if there is a change in starting pitcher, which is accompanied by a change in odds.
"Now, if any of you would like to take a long shot on the dog collar, we'll take that action."

"We've got lots of action on the table tonight."

"Where's the action?" (Who's turn is it to bet?)
by smackhero1 December 16, 2009
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The difference between dreams and reality, because without it, the invisible cannot become visible nor can the impossible become possible.
Action is what differentiates the successful from the unsuccessful, and not so much about their IQ or family background—zero action is the worst kind of decision for failure.
via giphy
by MathPlus January 05, 2019
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Often used in billiards (or gambling in general), it refers to a game for money, or a location that is known for money games.
Where can we find some action?
by Giskard July 02, 2004
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the word action refers to the word ho; to sleep with alot of boys, men or wateva. a word used mostly by the black population.
used as an adjective also.
adjective- dis ho is action
she action,
by M3sha September 01, 2006
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male and female genitals or any private, erogenous zone of the body.
Dude, when that chic bent over, I saw some of her action.
by bizzleofthecity March 25, 2005
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