Definition
This idiom signifies that one must accept the consequences of their decisions, whether positive or negative.
You pays your money and you takes your chance, buying this used car, you'll have to deal with any potential issues yourself.
Since you chose to invest in high-risk stocks, you have to accept the possibility of losses; you pays your money and you takes your chance.
He chose not to go to university and go straight to work, now he finds himself missing many opportunities. You pays your money and you takes your chance.