Double or nothing
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Double or nothing (UK often Double or quits) is a gamble to decide whether a loss or debt should be doubled. The result of a "double or nothing" bet is either the cancellation of a debt or the doubling of a debt. 
It refers to the potential outcome in a betting situation where the winner risks what has been won for a chance to double their winnings. The loser of the first game decides on a double or nothing. If the loser of the second bet loses, then they owe double. For example, if one owes somebody a bottle of Coke from a bet and then places a "double or nothing" bet with the same opponent, they will owe two bottles of Coke if they lose and will owe nothing if they win.
"Double or Nothing" may refer to an initial bet being totally cancelled out by a larger wager on a second bet with a chance to win first amount agreed on by both betters. Ex. Player A: Bets 20 dollars and loses first bet to Player B. Player A: Calls "Double or Nothing" (IF Player B Accepts) The new bet is in the amount of 40 dollars (20x2). If Player A wins he will win the initial bet of 20 dollars. However if he loses he will now pay 60 Dollars. The first winner either wins double or the first winner wins nothing.
In poker, a double or nothing tournament is a sit'n'go tournament where half of the surviving players get double the buy-in and the eliminated half does not receive any prizes. Double or nothing tournaments are mostly played by ten players (five players win) or six players (three win), although multi-table versions, such as for 20 players, exist. The rake in these tournaments is usually smaller than in standard sit'n'go tournaments. Some poker rooms also offer triple or nothing tournaments, where one third of the playing field gets paid.
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