I assume you're talking about All bets are off - Idiom Definition - UsingEnglish.com (This is a big site, and it helps if you make your criticisms precise.)
My (UK) understanding of this idiom is the same as the one described there as 'US'. But this site is about all varieties of English. If the meaning you've given is normal in Australian English, I think we should say so - I don't think we should just dilute the meaning already given.
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