1. Figuratively meaning light, easy, care-free play. Derived from pillow-fight-like play with beanbags. Mostly used to indicate the opposite. i.e. "ain't beanbag" means rough, cut-throat play - especially in competition. This is used by a more mature audience.
2. Uncommonly used term for testicles and scrotum. It doesn't take a genius or urban dictionary to figure out that connection.
1. "Politics ain't beanbag. Candidates will fight dirty and mudsling just to get an edge on the next guy."
2. "My beanbag is turning blue. Please give me sweet relief, baby."