Idiom for situation where you can either gain a lot or lose a lot

I couldn't find a short idiom for a risky situation where you can either gain a lot, or lose a lot, but there is no in between.

In French, we use "quitte ou double", which was the name of a game where, at each successive question, either your gains were doubled, or you lost everything. It describes this well, but I doubt it still means something if translated word for word.

I was going to say "it's all or nothing" (As @Rathony said in the comments). But then I did some websearching. Read on.

"do or die", like "life or death" and "life and death", implies you could lose a lot, but doesn't imply that if you don't lose, you win. Only that you survive.

"high stakes" implies that you could win a lot or lose a lot. But it doesn't rule out the possibility that you could also break even or just win or lose just a little bit.

If you want to say "win a lot or lose a lot with nothing in between AND it is much more likely that you will lose than win", then you could go with "hail mary pass".

"double or nothing" exists, as does the less common "double or quits", but I don't think they have the same idiomatic usage as you attribute to "quitte ou double".

http://dictionnaire.reverso.net/francais-anglais/quitte%20or%20double/forced does suggest "double or quits" - in the sense of getting out of debt, or deeper into debt.

The same site also suggests "make or break", which I think is the best answer yet, because it has more of a hint or randomness and unpredictability than "all or nothing" does.

So I'll suggest "make or break".

An appropriate idiom is high stakes:

if you have high stakes in something such as a venture or decision, you have a major interest in its outcome

(Collins dictionary)

and it can also be used adjectivally:

• involving the possible loss of a large amount of money: a high-stakes poker game
• involving serious risks if there is no success: a high-stakes negotiation
• A high-stakes test is one that is very important for the person who takes it.

(Cambridge dictionary)

Arguably this fits the title ("Idiom for situation where you can either gain a lot or lose a lot") better than the body, as it doesn't so much convey the 'no inbetween' bit, but that might be obvious from the context (e.g. in a 'high-stakes test' with a pass/fail outcome).

There is "double or nothing." But you could perhaps also use "quitte ou double."

What comes to mind for me is high-risk/high-reward. I couldn't find an actual definition in any dictionary, but there are a lot of examples here:

http://www.linguee.com/english-french/search?source=auto&query=high-risk+high-reward