To have something of your own at risk.
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To have something of your own at risk in a decision.
When you have skin in the game, you personally lose something if it fails, so your interest is real.
People use the phrase to explain why someone is truly committed.
"Put Your Money Where Your Mouth Is"
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Prove you believe it by paying for it
"A Vested Interest"
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A private reason to want one outcome
"Skin in the Game"
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Personally at risk if it fails