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Difference between Luck it out and One’s luck is out

luck it out—(also: luck out) achieve success by good luck in a difficult situation:

  • Rock City isn’t the easiest of places to find if you don’t know Nottingham but somehow we lucked it out.

one’s luck is out—one has bad luck:

  • Such are the perils of any racing these days, but I did begin to wonder if our luck was out again.