Double or nothing virtual containers

A system and method for facilitating player interaction with instances of virtual containers in an online game are disclosed. After player activation of an instance of virtual container in the online game, one or more virtual items may be determined as initial payouts to be distributed to the player. One or more redetermination offers may be presented to the player such that the player may enable to pay an amount of consideration in exchange for having some or all of the items in the initial payout redetermined to improve the initial payout. Responsive to player selection of a redetermination offer, an outcome whether the player wins the reward may be determined stochastically. Distribution of virtual items may be effectuated in accordance with the stochastically determined outcome.