You Bet Your Life was taken from Groucho's radio series of the same name. It was inspired after Groucho had done an improvisational scene with Bob Hope on radio. The idea was the same as it later was with Bill Cosby: to invite people on and have an unrehearsed conversation with them. Groucho could always be counted on to enliven the banter with his unique blend of comedy and wit. After talking with Groucho for several minutes, the contestants chose quiz questions from a category they had preselected and, if they answered them correctly, won money.