double or quits

A wager, undertaken after a previous wager, that stipulates two possible outcomes: if the winner of the previous wager wins again, they win twice the amount won in the previous wager; if they lose, they receive nothing. Primarily heard in UK. Come on, one more match, double or quits! If you win, you don't have to pay. I beat my brother at billiards for the second time in our double-or-quits game. Now he owes me 100 quid instead of 50! It was double or quits, that's why I walked away—I didn't want to risk losing the prize I'd already won!