The event aired through traditional PPV outlets, as well as on B/R Live in North America and FITE TV internationally.

The event was originally scheduled to take place at the MGM Grand Garden Arena in Paradise, Nevada.

In the main event, Matt Hardy and The Elite (Adam Page, Kenny Omega, Matt Jackson, and Nick Jackson) defeated The Inner Circle (Chris Jericho, Jake Hager, Sammy Guevara, Santana, and Ortiz) in a Stadium Stampede match, which was a cinematic match.

In other prominent matches, Hikaru Shida defeated Nyla Rose to win the AEW Women's World Championship, Cody defeated Lance Archer to become the inaugural TNT Champion, and in the opening bout, a debuting Brian Cage won the Casino Ladder Match.

Additionally, the event featured an appearance from International Boxing Hall of Famer Mike Tyson, who presented the TNT Championship to Cody.

[11] Double or Nothing is considered as being one of AEW's "Big Four" PPVs, which includes All Out, Full Gear, and Revolution, their four biggest domestic shows produced quarterly.

In response, AEW announced that Double or Nothing would still proceed as planned but from an undisclosed location, which was later revealed to be from Daily's Place in Jacksonville, Florida, as well as the adjacent TIAA Bank Field stadium for the main event match.

[1] However, the 2021 event, which was pushed back a day to May 30, was also moved to Daily's Place due to the ongoing pandemic with all original tickets being refunded.

[20] Storylines were produced on AEW's weekly television program, Dynamite, the supplementary online streaming show, Dark, and The Young Bucks' YouTube series Being The Elite.

[21] In the semifinals on the April 29 episode, Cody and Lance Archer defeated Darby Allin and Dustin Rhodes, respectively, setting up the inaugural championship match.

Moments later, members of The Dark Order attacked Moxley, Kazarian, and the latter's stable, SoCal Uncensored (Christopher Daniels and Scorpio Sky).

The Dark Order's leader, "The Exalted One" Mr. Brodie Lee then entered the ring and challenged Moxley to an AEW World Championship match, which he accepted and was scheduled for Double or Nothing.

[26] On the May 13 episode of Dynamite, Hikaru Shida, who was at the top of the rankings in the women's division, defeated Penelope Ford, Kris Statlander, and Dr. Britt Baker, D.M.D.

attacked Kris Statlander outside the ring and applied the Lockjaw on her, which allowed Hikaru Shida to score the pin over Penelope Ford.

[29] On The Buy In pre-show, a match was contested between Best Friends (Trent and Chuck Taylor) and Private Party (Marq Quen and Isiah Kassidy), with the winners becoming the number one contenders for the AEW World Tag Team Championship.

[30] The event opened with a nine-man Casino Ladder Match between Colt Cabana, Darby Allin, Joey Janela, Frankie Kazarian, Kip Sabian, Orange Cassidy, Luchasaurus, Scorpio Sky, and a mystery competitor.

MJF emerged victorious after pinning Jungle Boy with a roll-up while holding his tights, giving him extra leverage.

[30] The post event was a Stadium Stampede match between The Elite (Adam Page, Kenny Omega and The Young Bucks) and "Broken" Matt Hardy and The Inner Circle (Chris Jericho, Jake Hager, Sammy Guevara, Santana and Ortiz).

Jason Powell of Pro Wrestling Dot Net called it a "fun empty venue show", with particular praise being given to the Stadium Stampede match.

[30] CBSSports.com's Brent Brookhouse stated that AEW had "delivered a show that was entertaining top-to-bottom", with the main event being "one of the wildest matches of the year".

[35] Justin Barrasso of Sports Illustrated also liked the event and described the Stadium Stampede match as "uniquely distinct" and "unlike anything ever before on display in wrestling."