Meaning of “double or quits” in the English Dictionary

british dictionary

"double or quits" in British English

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double or quits

UK US double or nothing

(in games where money is risked) an agreement that the player who owes money will owe twice as much if they lose, but will owe nothing if they win

(Definition of “double or quits” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)