1. For a player to place money for a wager in an openly visible spot (typically on the hanging light above the table, thus the origin of the phrase); this demonstrates that the money is actually present and obviates any need to demand its production from the loser's pocket. "You want to play for 500? Put it up!"
2. To stake a particular amount of money on a gambling player. "I'll put up another 2000, but you'd better win this time."
3. On a coin-operated bar table, to place one or more coins on the rail, or on the bed of the table under the cushion, as a marker of one's place in line (UK: on queue) to play. "You didn't put your quarters up." And alternative is to put one's name on a list, e.g. on a chalkboard.