Meaning of the word "send the helve after the hatchet" in English

What does "send the helve after the hatchet" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

send the helve after the hatchet

US /sɛnd ðə hɛlv ˈæftər ðə ˈhætʃɪt/
UK /sɛnd ðə hɛlv ˈɑːftə ðə ˈhætʃɪt/
"send the helve after the hatchet" picture

Idiom

to risk even more in a desperate attempt to recover what has already been lost; to throw good money after bad

Example:
Investing more money into that failing business is just sending the helve after the hatchet.
He lost his house gambling and then sent the helve after the hatchet by betting his car.