"Betting the Farm" is a metaphor
used to represent wagering all or most of the possession you have (or have left
?) on a bet.
Things included in a bet of this magnitude might be a house
(by word or deed
), stock options
(if yours are still worth anything
), family heirlooms
or other expensive non-replacable items, or combinations of the above and/or other items of value not listed.
Also may be used to represent taking cumbersome financial risk
, or dealing with other high risk activities
Can be a sign of a severe gambling addiction