To gamble in a wild and high-variance fashion. Often applied to loose and aggressive play in poker, or by poker player to other forms of high variance gambling, like baccarat.
On tilt from losing in the poker game, he decided to gambool it up at the pit to try to get even.
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2 million.