Was bedeutet all bets are off ?

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@Brodacz I think you can use that in the said meaning, but in a very general sense that has to have some kind of foothold in the context. It's sort of a hybrid meaning of the two interpretations, as it denotes (1): "Everything we agreed upon has just been rendered null and void", and (2): "Upon that happening I'm free to do whatever the fudge I so desire".

"I'll vouchsafe your safe return back to England, but if I'll catch even the slightest shred or sliver of a rumour about you planning to import your communistic ideas back home - all bets are off!"