Double or nothing

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For other uses, see Double or Nothing.

In gambling, double or nothing is where a person loses a bet on an outcome and the parties agree to "double or nothing," which means that another wager is made on a new outcome with the same stakes as the original bet. If the winner of the first bet also wins the second bet, he/she has then won a total that is double the original bet. If the loser of the first bet wins the second bet, that person will then be at even money and owe the other party "nothing." Among friends, payment on the first wager is sometimes postponed pending the result of the second wager, and thus if the loser of the original wager wins the second wager, no exchange takes place.

For example, Alice loses $10 in wager 1 to Bob. Alice calls "double or nothing" for a second wager and Bob accepts. If Alice wins the "double or nothing" bet, she wins $10 thus her and Bob are now at even money for the two wagers. But if Bob wins the "double or nothing" bet, Alice has now lost $20 (or "double" the original bet) to Bob.

Whoever is challenged to double or nothing is free from paying any bet. They can only win money and not lose any. The challenger either pays double, or no one pays anything.