The 2025 Double or Nothing was a professional wrestling pay-per-view (PPV) event produced by All Elite Wrestling (AEW). It was the seventh annual Double or Nothing event and took place during Memorial Day weekend on May 25, 2025, at the Desert Diamond Arena in Glendale, Arizona. With the exceptions of the 2020 and 2021 events, which took place at Daily's Place in Jacksonville, Florida due to the COVID-19 pandemic, this was the first Double or Nothing to take place outside of the Las Vegas Strip in Paradise, Nevada. This was the first AEW PPV to take place in the U.S. state of Arizona and the second Double or Nothing to host the finals of the men's and women's Owen Hart Foundation Tournament. As with the 2023 edition, the event went head-to-head with WWE's NXT Battleground livestreaming event.
Eleven matches were contested at the event, including two on the "Buy In" pre-show. In the main event, "Hangman" Adam Page defeated Will Ospreay to win the Men's Owen Hart Foundation Cup Tournament, while Mercedes Moné defeated Jamie Hayter to win the Women's Owen Hart Foundation Cup Tournament in the opening bout. In other prominent matches, Kenny Omega, Swerve Strickland, Willow Nightingale, and The Opps (Samoa Joe, Powerhouse Hobbs, and Katsuyori Shibata) defeated Death Riders (Jon Moxley, Claudio Castagnoli, Marina Shafir, and Wheeler Yuta) and The Young Bucks (Matthew Jackson and Nicholas Jackson) in the Anarchy in the Arena match.