If I have a bet with someone for $5 and I win, and the other person says double or quits and wins the next time, do I owe them $10, $5 or nothing?
You owe them $10, although technically it’s only $5 of your own money.
As I understand it, you’ll owe them nothing. Assuming “double or quits” is equivelant to the North American “double or nothing,” this is how it works:
Bet 1 resolved, friend owes you $5.
Friend says “double or nothing/quits”, essentially proposing another bet that will end with
a) him owing you double the original amount ($10), or
b) him owing you nothing.
He is proposing another $5 bet in an attempt to cancel his debt. If he wins, the score is even. If he loses, his debt doubles to $10.
The score would be even if the second bet was also for $5. If Person A loses $5 on the first bet and then wins $5 on the second bet, then you’ve got an even score, and no one pays diddley. But! If Person A loses $5 on the first bet, then WINS $10 in the second bet, he gets his $5 back plus $5 more.
Douuble or nothign assumes even payout
You bet 5 and win, you are now owed 5. He said double or nothing he is betting you 5 again - if you win he owed you 10 (5+5), if he looses you both break even (5-5).
If double of quits means if you loose you will owe him 10 then if you win he should owe you 20 (assuming equal payouts)
I have heard double or quits but don’t really know if it means one or the other - it could aslo mean that you must bet (double or nothing) or quit and take your winnings with no other bets allowed.