Editing Two-up (section)

== Gameplay ==
[[File:Australia Day Celebration Boston 2017.jpg|thumb|right|350px|alt=Celebrants playing two-up at the Australia Day Celebration Boston, Massachusetts.|Celebrants playing two-up at the [[Australia Day]] Celebration in [[Boston]], [[Massachusetts]].]]
The Ringie selects a player as the spinner (generally greeted to loud calls of "Come in, Spinner!" from the rest of the players). The spinner tosses the coins in the air using the kip until they win (and continue spinning), lose (and the kip is offered to the next player around the ring), or toss the kip (take their winning wagers and retire).

The basic format of the game:
* Two heads means the spinner wins.
* Two tails means the spinner loses both their bet, and the right to spin.
* Odds ("one them") means head or tail bets are frozen, and the spinner throws again.

The spinner is required to place a bet (usually on heads) before their first throw which must be covered (equaled) by another player. If the spinner wins they keep the bet and cover, minus a commission which the boxer takes out of this bet. If the spinner loses, the entire bet goes to the player who covered the bet. This makes throwing the coins a slight losing proposition compared to a side bet, however this is balanced by the interest of throwing the coins and the chance of adding a personal "lucky" touch to the spin. The disadvantage (cost of running the game) is shared about the School by the Kip being passed about the Ring during subsequent spins.<ref name="AustEncIIp">{{cite book | title=The Australian Encyclopaedia Vol. II | editor=A.W. Jose| pages = 600–601 | publisher=Angus & Robertson | location=Sydney | year=1926|display-editors=etal}}</ref>

As a betting round and subsequent spin takes about a minute, and is resolved win/loss on average every three spins, then the Boxer's commission on wins is paid on average ten times per hour. i.e. If the Spinners' average wager is $20, covered by $20, and the commission is 10% then the Boxer will take $40 an hour in commission. The taking of commission has been made illegal for unlicensed games in most states, even when play is permitted (e.g. Anzac Day).

The other members of the school place side bets (bets against each other) on whether the coins will Head or Tail. These bets are offered by shouting the amount and preference (i.e. "Fifty dollars head!) perhaps while tapping the money on their head, until another player who wishes to bet on the opposite coin approaches them to cover the bet. The combined amount of the bet is traditionally held by the tail-better until the bet resolves (i.e. Heads is thrown, and the combined bet is handed over to the head-better, or Tails is thrown and the combined bet is pocketed by the tail-better.) This usually results in the heavier/wealthier betters taking the "tails" bet, allowing them to cover a number of "heads" bets on each throw.

=== Variations ===

Some variations include:
* Throwing three coins, instead of two: As at least two coins will always match, this results in a decision on every throw (two heads or two tails, with the third coin being redundant - "sudden death"), and thus a faster game, with more action, as the bets are resolved on every throw - there is no pause in gambling when odds are thrown.
* The spinner only wins after a successive run of heads: I.e., if three heads are required before a tails, with any number of odds, then "odds, heads, odds, odds, heads, odds, heads" would be a win. Casinos pay this at 7.5 to 1. This speeds up play as the Spinner can't "Toss the Kip" after a single throw (selecting a new spinner takes time, interrupting play).
* If the spinner throws successive odds they lose: I.e., if five odds thrown before a tails loses while three heads are required to win, then "odds, heads, odds, odds, heads, odds, odds" would be a loss. Casinos use this rule to provide them with the edge they need to run the game, as the Casino collects all Head/Tail bets if five odds in a row are thrown.
* In Casino games the Spinner may bet on either heads or tails. 
* In Casinos, no side bets are permitted; all bets are placed with the Casino as bank.
* Two Up game has been used to develop a [[quantum game theory|quantum game]] called Quantum Two Up <ref>{{Cite web | url=https://play.google.com/store/apps/details?id=com.QuantumGamesLLC.QuantumTwoUp | title=Quantum Two Up | website=play.google.com | archive-url=https://web.archive.org/web/20230604214648/https://play.google.com/store/apps/details?id=com.QuantumGamesLLC.QuantumTwoUp | archive-date=2023-06-04}}</ref> in which the coins are [[quantum entanglement|entangled]]. To win the game, one has to discover the law of entanglement that favors a particular coin combination.