1 past tense and past participle bet or bettedpresent participle betting verb
1 (I, T) to risk money on the result of a race, game, competition, or other future event: bet (sb) that: Sean bet that I wouldn't pass my exam. | bet (sth) on: She bet all her money on a horse that came last. | No, I don't bet on my own team. It's bad luck.
2 I bet
a) used to say that you are fairly sure that something is true, something is happening etc, although you cannot prove this: I bet Nigel's sitting at home now laughing his head off. | I bet it's quite good actually. | I bet you she won't come.
b) used to show that you understand or can imagine the situation that someone has just told you about: "The strawberries dipped in chocolate were gorgeous." "I bet!" | "God, I was so angry." "I bet you were."
c) used when you are asking someone to guess something: I bet you'll never guess who I saw this morning.
d) used to show that you do not believe what someone has just told you: "I'm definitely going to give up smoking this time." "Yeah, I bet!"
3 you bet! used to emphasize that you agree with someone or are keen to do what they suggest: "Going to the party on Saturday?" " You bet!"
4 you can bet your life/your bottom dollar used when you are sure that you know what someone will do or what will happen: You can bet your bottom dollar that relationship will end in tears.
2 noun (C)
1 an agreement to risk money on the result of a race, game, competition etc: have a bet on: Mom had a bet on the Yankees and won $20. | place a bet (=choose a horse, team etc and bet on it)
2 money that you risk on a bet: I've got a $10 bet on the National.
3 your best bet spoken used when advising someone of what to do: I think your best bet would be to go back to college and get more qualifications.
4 spoken used when saying what you expect to happen in the future: My bet is that she'll be famous in a few years' time.
5 a good bet/a safe bet an action or situation that is likely to be successful or does not involve much risk: If you're looking for long-term growth, the government's own saving certificates are a pretty good bet.
6 a safe bet/a sure bet (that) spoken used to say that something seems almost certain: I think it's a pretty safe bet that he'll get the job.
7 do sth for a bet to do something stupid, dangerous etc to win money from someone or to prove that you can do it: Sandra cut the manager's tie off for a bet!

Longman dictionary of contemporary English. 2004.

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