What does "dollars to doughnuts" really mean?

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I understand betting currency (dollars), but what do doughnuts have to do with anything?

Doughnuts have to do with EVERYTHING!

Six of one, half dozen of the other.

Self explanatory.

Reverse alchemy. 

Donuts aren't valuable?

 

Fake news!  Sad.

> Donuts aren't valuable? <

 

Homer Simpson vehemently disagrees!

I said 'strike while the iron is hot' yesterday.  One old-timey phrase right there.

six of one, half dozen of the other....

 >>>>>One old-timey phrase right there

Was in a local restaurant the other week and a couple of old, ex-logger types were leaving. One said to the other "Well, we gotta do something, even if it's wrong."