Meaning of the word "one might as well be hanged for a sheep as a lamb" in English

What does "one might as well be hanged for a sheep as a lamb" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

one might as well be hanged for a sheep as a lamb

US /wʌn maɪt æz wɛl bi hæŋd fɔːr ə ʃiːp æz ə læm/
UK /wʌn maɪt æz wɛl bi hæŋd fɔːr ə ʃiːp æz ə læm/
"one might as well be hanged for a sheep as a lamb" picture

Idiom

if the punishment for a small offense is the same as for a large one, one might as well commit the large one

Example:
Since I'm already late for the meeting, I'll stop for a coffee; one might as well be hanged for a sheep as a lamb.
He decided to spend his entire bonus on the car instead of just a part of it, figuring one might as well be hanged for a sheep as a lamb.