Color Up (blackjack)
To exchange many smaller denomination chips for a few large
denomination chips.
This is done as a player is preparing to leave and he may have
too many chips to handle easily.
"May I color up those reds for green before you leave,
sir." Then, inform the floor man.
"Color up, red for green." (It also allows the floor
man to see how well or poorly the player did financially.)
Color Up poker
To exchange one's chips for ones of higher value, usually in
order to reduce the number of chips one has on the table.
In tournaments, players are forced to color up periodically
as the tourney money becomes divided among
fewer and fewer players and the sizes of the forced bets go
up (it makes no sense to play with $25 chips when the blinds
are $10000).
Color Up roulette
To exchange smaller denomination chips for larger denomination
chips at a table.