Double or nothing

Double or nothing[1] (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.[2][3][4][5] It can be seen as a gentleman's agreement which grants losers of an initial bet a chance to win their money back, with minimal risk to the winner.

For other uses, see Double or Nothing (disambiguation).

Example

Person A wins a $5 bet against Person B. Either Person A or Person B initiates Double or Nothing, which is identical to repeating the previous bet. The resulting outcome of Double or Nothing is Person A winning "Double" and receiving $10 in total ($5 + $5), or Person A losing $5 and winning "Nothing" ($5 - $5).[6][7][8]

Alternative and Incorrect Interpretations

One alternative interpretation is that the second bet is a standalone bet for "Double" the value of the original bet. In this case, if Person A wins a $5 bet against Person B, and either Person initiates Double or Nothing, the next bet is a bet for $10. If Person A wins this next bet, he is up $15 ($10 + $5). If Person B wins the next bet, he is up $5 ($10 - $5). The "Nothing" in this scenario would be the amount that Person A would receive if won the first bet, but lost the second bet. Since Person A would still owe money, this is incorrect, because it does not include a literal "Nothing" outcome, as defined by the cancellation of the bet.[9][10][11]

Yet another alternative interpretation is in a similar vein as the above, with one distinction - the loser of the initial bet will always make "Double" the initial bet, and the initial winner's earnings are moot. For example, Person A wins $5 in a bet against Person B, and a subsequent Double or Nothing agreement is made. If Person A wins the Double or Nothing, he stands to make Double ($10). If Person B wins, he also stands to make Double of the original bet ($10). However, in this interpretation, Person B no longer owes Person A $5, which is effectively the same as winning $15. This is also incorrect, as it does not result in a literal "Doubling or Cancellation of a Bet".[12][13][14]

Poker

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.

Wagers

In wagers, the same rules/applications usually apply.

Blackjack

The term that is used in blackjack is "doubling down". This blackjack move allows you to double your bet in the middle of a hand in exchange for one extra card. It’s a risky gamble, as it usually ends your betting: if you receive a particularly low second card you can’t hit again. Timid players avoiding the double bet, and more adventurous players often use it.[15]

See also

References
  1. Merriam-Webster Dictionary
  2. Webster's third new international dictionary of the English language, unabridged. Gove, Philip Babcock, 1902-1972., Merriam-Webster, Inc. Springfield, Mass.: Merriam-Webster. 1993. ISBN 9780877792017. OCLC 27936328.CS1 maint: others (link)
  3. https://www.lexico.com/en/definition/double_or_nothing
  4. "Double or Nothing".
  5. "Double or nothing - Rules and strategy of gambling".
  6. https://www.lexico.com/en/definition/double_or_nothing
  7. "Double or Nothing".
  8. "Double or nothing - Rules and strategy of gambling".
  9. https://www.lexico.com/en/definition/double_or_nothing
  10. "Double or Nothing".
  11. "Double or nothing - Rules and strategy of gambling".
  12. https://www.lexico.com/en/definition/double_or_nothing
  13. "Double or Nothing".
  14. "Double or nothing - Rules and strategy of gambling".
  15. "Basic Blackjack Rules".
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