DEFAULT meaning: 1. to fail to do something, such as pay a debt, that you legally have to do: 2. In sport, if a…. Learn more. default (countable and uncountable, plural defaults) (finance) The condition of failing to meet an obligation. DEFAULT meaning: 1 : used to describe something that happens or is done when nothing else has been done or can be done usually used in the phrase {phrase}by default{/phrase} sometimes used before another noun; 2 : a failure to make a payment (such as a payment on a loan) If you win or lose something by default, especially in sport, you win or lose because someone else has failed to do something, for example did not play or complete the game, or because they broke the rules: