double or quits(redirected from double-or-quits)
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!
ˌdouble or ˈquits(British English) (American English ˌdouble or ˈnothing) (in gambling) a risk in which, if you lose you will have to pay twice the amount of money you owe, or if you win, will not owe anything
Quits means that two people are now equal and do not owe each other anything, especially money.