The phrase "all bets are off" originated in the world of gambling and betting. It is used to indicate that previously established rules or agreements no longer apply, and that a situation is now unpredictable or uncertain.
(used when the outcome of a situation is too uncertain to predict): We have to make it to the meeting place by 5:30 or all bets are off. The individual ingredients may be safe, but once you mix them up into a brew, all bets are off.
La Liga is Spanish football League. While Copa del Rey is Spanish football Cup. La Liga is the top football league in SPAIN where 20 teams in the league play each other home & away from August until May. The team that got the most points wins the league.
The Copa del Rey, or King's Cup, is the domestic cup competition in Spanish football the equivalent of the English FA Cup, or the Coppa Italia or Germany's DFB-Pokal.