Definition
This idiom suggests that when the consequences for a minor offense are the same as those for a major offense, there is no reason not to commit the greater one.
做大坏也是罚，做小坏也是罚，不如做大坏。
Since I'll get fired whether I'm five minutes late or thirty minutes late, I might as well be hanged for a sheep as for a lamb and just arrive an hour late.
既然无论我是迟到五分钟还是三十分钟都会被解雇，那我干脆迟到一小时，反正结果都一样。
"Since I've already been caught stealing one piece of candy, I might as well be hanged for a sheep as for a lamb and take the whole jar," he said, grabbing the entire container of sweets.
「既然我已经被抓到偷了一颗糖果，那我干脆把整罐都拿走，反正受到的惩罚都一样。」他说着，抓起了整罐糖果。
Since we’ve already gone over budget for this project, we might as well be hanged for a sheep as for a lamb and add a bit more resources, hoping to ensure its success, the punishment would be the same anyway.
既然我们已经超出了这个项目的预算，我们干脆再增加一些资源，希望确保它的成功，反正惩罚都一样。