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Chouette Answer

It is not a double, and if Blue does double, it is a beaver (Red should immediately turn the 4 cube to 8).

Note that the extremeGammon evaluation below shows that Blue is slightly favored.  We know that it is only right to beaver if you are favored.  So why is this a beaver?

Because the cube has value.  Because Red would have the cube, and he would have the ability to redouble, he is actually going to win more often than he loses, and that's what makes it a beaver.