$re = '/{{var:([^}=]+)(?:=([^}]*))?}}/m';
$str = 'This is {{var:my_dog}} and it is {{var:my_awesome}}.
But this is {{var:not.existing=}} because it has a default {{var:not.existing=value}}';
$subst = "";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php