Beyond simple gambling, it can also signify an important life choice or an adventurous challenge that you have to "leave to fate." It expresses the tension of being at a crossroads between success and failure.

Recently, it's widely used as a metaphor for probability-based systems like "random boxes" or "gacha" in online games. This makes it especially familiar to teen and twenty-something gamers, and it has become a code for expressing unpredictable fun.