Decision in gambling that will either double one's losses or cancel them out
Double or nothing (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 cancellation of a debt "or" the doubling of a debt. 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.
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.
Blackjack.
Not to be confused with "doubling down" in blackjack.
References.
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