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Double or nothing (UK often Double or quits) refers to the potential outcome in a betting situation where the loser of a bet gets another chance to play and will either end up owing twice as much or will break even and owe nothing. If the loser of the initial bet loses again, then the winner gets double the original bet. But if the loser of the initial bet wins, then he/she owes nothing and wins back the original bet. For example, if one owes somebody $20 from a bet and then places a "double or nothing" bet with the same opponent, they will either owe $40 if they lose again (double the original amount), or owe $0 (nothing) if they win, hence the phrase "double or nothing".
However, this rule can vary depending on the situation that it is put into practice. In many games, for example posts, this rule puts both players at equal vulnerability to be allotted the 'double' points. So, if the original loser wins in a 'Double or Nothing' round, the opponent now loses double the original bet.
In poker, a double or nothing tournament is an online sit'n'go tournament where the surviving half of players gets 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.
In a regular poker sit’n’go it is correct to play with the intention of accumulating 100% of the chips in the game, thereby placing 1st and securing for yourself the maximum possible prize money. In a double or nothing poker sit’n’go it is now no longer relevant if you finish the game with 100% of the chips or only 1% of the chips, as long as you are still in the game once 50% of the players have been eliminated. Because of this difference in prize structure, a double or nothing poker sit’n’go requires significantly different poker strategy than a regular poker sit'n'go.
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