Win, Lose or Draw is the fifth studio album and sixth overall by American rock group the Allman Brothers Band. Produced by Johnny Sandlin and the band themselves, it was released on August 22, 1975 in the United States by Capricorn Records. It was the last studio album to feature bassist Lamar Williams and pianist Chuck Leavell.

Capricorn Records was an independent record label founded by Phil Walden and Frank Fenter in 1969 in Macon, Georgia. Capricorn Records is often credited by music historians as creating the southern rock genre.