Katy Perry Super Bowl Cleavage Bet -- EVERYBODY WINS!

Sure, her boobs were out ... but was it technically cleavage?

The gambling website that hosted the Katy Perry Super Bowl halftime boobs bet says the debate is raging in their office ... so they're just gonna pay EVERYONE!!

We broke the story ... BetOnline.ag hosted the bet and gave the following odds:

"Yes" is -500
"No" is +350

Translation -- if you bet "no," $100 gets you $350. If you bet "yes," you need to wager $500 to earn a measly $100.

So, when Katy dropped the flame outfit and switched to the chestier beachy look, you'd think it would be a victory for the pro-cleavage bettors.

But a rep for the gambling site says some people in the offices argued that since the boobs weren't pushed together, there was technically NO cleavage.

So, the decision was made ... the site has decided to pay BOTH SIDES of the bet.

Bottom line -- when it comes to Katy's boobs, there are no losers.