Double or nothing is a widely used term that has been used for years both outside and inside casinos. The term is used to refer to the situation where you are wagering double your previous wager in order to break even.
For example, if you are having a friendly wager with your friend, you might bet him $10 that you are going to hit a shot from a 3-point line at the basketball court. Naturally, if you do hit it, he owes you $10, and if you miss you owe him $10. However, if you miss, you can ask him to double or nothing, which means that you are wagering $20. If you hit, you will break even. But if you miss the shot, you will be $30 down.
The same principle can be used if you win the initial wager. That means you will double your winnings or end up with nothing, which is how the term was coined.
Keep in mind that someone from the UK might refer to this form of wager as double or quits.