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The phrase "all bets are off" is correct and commonly used in written English.
It means that previous assumptions or expectations no longer apply and anything is possible. Example: After the company's unexpected financial loss, all bets are off for their future success.
Exact(60)
"All bets are off.
Then all bets are off.
Otherwise, all bets are off.
Now all bets are off.
All bets are off on the polls.
Where all bets are off.
Because all bets are off.
"All bets are off," she said.
After that, all bets are off.
Now, however, all bets are off.
If you stray, all bets are off.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com