noun
plural bets
[count] :an agreement in which people try to guess what will happen and the person who guesses wrong has to give something (such as money) to the person who guesses right
[count] :the money or other valuable thing that you could win or lose in a bet
[singular] :a choice made by thinking about what will probably happen
all bets are off
used to describe a situation in which it is impossible to be sure about what will happen
hedge your bets
verb
bets; bet also betted; betting
to make a bet :to risk losing something (such as money) if your guess about what will happen is wrong [+ obj]
[+ obj] :to risk losing (something) when you try to do or achieve something - usually + on
[+ obj] :to make decisions that are based on the belief that something will happen or is true
[+ obj] informal :to think that something will probably or certainly happen
If you would bet your life or bet your bottom dollar that something will happen or that something is true, you are very sure about it.
informal - used in phrases like you bet, you can bet on it, and you bet your life as an enthusiastic way of saying yes
informal - used in phrases that express doubt about what will happen