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.