I think it is about that they (we in the sentence) are going to stake it (pôr algo ou alguém na fogueira) and burn it out (e queimar - OUT na frase seria apenas para indicar "extinção/finalização") -
OUT por que queimaria algo até o fim, mas pode traduzir "burn it out" como queimar.
I think that "if stake it, burn it out" would be used in the sense of bets, then it would be metaphorically, that is, "we gotta stake it" (nós temos que apostar),
Burn it out (something to do with "burning out the money"). In practice would be "make the bet" (even if the value of it is high), would be akin to say "fire it up! Go ahead (I want to burn it out- my money- that is)".