A press bet in match play is the beginning of a new competition. For example, if you are playing a match, and after 5 holes you are down two holes, you may be able to press, that is, begin another match for the remaining holes, without stopping the original 18 or 9 hole match. If you then get ahead on the new press , your opponent may re-press you for even another match, which will be comprised of the remaining holes.
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In certain betting games in Golf, one one person, or one team is down (losing), they may elect to press the bet or press the wager ("press"). This means they now have doubled the wager, or in other words, have started a new bet which then continues until the end of the nine holes. New bets begin on the back nine where you start over, usually. A repress is just when the other person or team turns around on the next hole for example, and presses again.