Double or Nothing
Gambling is a world of rich culture, an immense history, and many slang terms. It is said that most gambling games are designed so that a person may step into a game, and know exactly what is gong on in just a few minutes. This is true for most games, and it certainly doesn’t take long to grasp the basics of games such as roulette and blackjack. Although it should be said that most gambling games are easy to understand, and often extremely difficult to master.
The one barrier between newcomers and getting into a gambling game is often the specific terminology used, which can be very confusing to a person who does not yet understand the rules. There are some terms that are almost universally understood, due to usage of the term beyond the game in which it originated.
One such universally understood term is snake eyes. This term refers to dice in the game of craps, which when landing on two ones, or two aces, is referred to as snake eyes. The term came about due to the fact that two ones is a very bad roll, and so was assigned a negative sounding phrase that expressed gambler’s distaste. Other terms, however, are not so well known, and should be known by anyone who has an interest in gambling.
Double Or Nothing
Double or nothing is a term given to a type of bet that can be placed. It means that a gambler who has just suffered a loss will make a new bet, for the exact amount that has just left his hands. If the new bet is lost, he will owe double the initial amount. If, of course, he wins the bet, it is then taken as a given that his loss is then cleared, leaving him again at a level playing field. Hence the term double or nothing.
The bet is often called out quickly after a gambler suffers a big loss, and is seen by many as a way to get a second chance at owing the money. Some do it impulsively, thinking that they may immediately clear the debt, often forgetting that double the debt is not much of a solution. The logic behind the bet is that if suffering a loss, a win is statistically the next logical outcome. This, however, is not entirely correct based on statistic, since the advantage they are referring to is so small, it is not nearly worth risking an instantly doubled debt.
Only if calling double or nothing multiple times in a row, would the result of clearing the debt then be more likely to succeed. Which, incidentally, is why it is not wise to accept a double or nothing bet multiple times, should you be the person who already has money in the pocket, and stands to gain double or nothing. It is the person who stands to clear their debt who is getting the better deal, more so the longer the same bet goes on repeatedly.
Allowance In Casinos
This is not a bet that is allowed in casinos, for the reasons stated above. It is generally a bet that tends to happen in social groups, or in unregulated betting environments, and will have one person, the one with the debt, insisting on repeating the bet until they have cleared their debt.