lose a bet
When one of your friends arrives with an ugly date.
Damn Katie, did you lose a bet?
Lose the Bet
Slang term for jacking off. Comes from the bet featured on Seinfeld.
"Hey man did you lose the bet last night after your girlfriend left?"
"Yeah dude, we're stuck on second so I had to do it by myself."
"Yeah dude, we're stuck on second so I had to do it by myself."