From gambling, the bookie's statement that bets taken on an event will no longer be honored. This is usually due to circumstances changing drastically after betting has begun--for example, my old gray horse can't race, so I'm substituting Secretariat for her. If I tell the bookies this, they will either cause me grievous bodily harm, or simply call out that "all bets are off". Usually prefaced or followed by the statement "You never said anything about X".

Other examples:
If you're robbing a bank, you should carry a gun but never use it. Of course, if the cops show up, all bets are off.

If you're a cosmic pirate looking to make a little cash, flying an old man and a farm boy from Tatooine to Alderaan is easy money. Of course, if the Empire is looking for them, all bets are off.

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