E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
Double or Quits.
The winner stakes his stake, and the loser promises to pay twice the stake if he loses again; but if he wins the second throw he pays nothing, and neither player loses or wins anything. This is often done when the stake is 3d., and the parties have no copper: if the loser loses again, he pays 6d.; if not, the winner does not claim his 3d.