 It is clear that in order for the Dutch Book theorem to hold, ‘sure loss’ must be taken to mean loss if the bets are in fact placed and settled. Violation of the probability axioms under any of their formulations does not guarantee an actual loss. Still more must be said here about the meaning of ‘sure loss’, which suggests some sort of necessity but does not tell us whether this is supposed to be a particular form of logical necessity, metaphysical necessity, or perhaps some other relative necessity. If ‘sure loss’ were taken as foreseeable loss, then an agent could violate the axioms by attaching positive probability to a necessary falsehood, where there is no foreseeable loss given the current state of knowledge concerning the proposition in question. There is also an issue concerning whether it is the agent who must be able to foresee the loss. If ‘sure’ means decidable, then neither the formulation that logical nor that necessary truths receive probability one will do, since there is no decision procedure for determining in general whether a given sentence is a logical truth, let alone a necessary one. Clearly, there is a delicate balance that must be struck between the formulation of the probability axioms, and the understanding of ‘bets’ and ‘sure loss’ for the Dutch Book theorem and its converse to hold.